Aleksey Zabotkin, who serves as a deputy governor at the Central Bank of Russia, spoke during a live broadcast about how monetary policy decisions are made. He clarified that the final call on policy is made by the bank’s Board and that the rate is the focus of eight regular meetings each year. The decisions unfold through a well-defined cycle that covers preparation, discussion, and formal adoption, with input gathered at multiple stages before any vote occurs.
Zabotkin addressed a long-standing public legend that money policy is controlled behind the scenes by external forces or media personalities. He explained that this lore originated in the 1990s, a period marked by rapid inflation and large deficits, when the economy faced severe instability. He noted that while international institutions helped stabilize macroeconomic conditions at that time, the IMF’s role was more about providing financial support and guidance rather than directing daily policy choices. In 2002, he added, all IMF loans to Russia had been repaid, signaling a shift toward more autonomous economic management.
In a separate comment, Governor Elvira Nabiullina reflected on the broader question of foreign currency reserves and external financial influences. She indicated that discussions around reserves in the West have remained ongoing and that Russia continues to assess its own financial buffers in the context of external constraints. This exchange underscores the ongoing effort to balance domestic policy priorities with international financial dynamics, a process that involves careful forecasting, risk assessment, and strategic decision-making by the central bank and its leadership. [Citation attribution: official central bank statements and public briefings.]