\u201cThis is a new reality for the government and for business alike,\u201d Nabiullina said<\/a>.\u00a0\u201cIn the past, high-rate cycles were tied to temporary external shocks, and once things stabilized, we cut rates fairly quickly.\u201d<\/p>\n \u201cNow, however, we are facing a persistent downturn in external conditions affecting both exports and imports,\u201d she said.<\/p>\n \t\tnews \t\t\t\tPutin Demands Answers as Russia\u2019s Economy Undershoots Expectations Russia\u2019s Central Bank had previously pointed to a slight increase<\/a> in the available workforce as a reason for lowering its key rate from an all-time high. However, Nabiullina warned last year that the lack of workers remains a primary threat to price stability, alongside high consumer spending.<\/p>\n On Thursday, Nabiullina also cited<\/a> persistent inflationary pressure caused by supply chain disruptions in the Strait of Hormuz. The narrow waterway, through which a fifth of global oil supplies normally passes, remains effectively closed due to the U.S.-Israeli war on Iran.<\/p>\n Nabiullina\u2019s remarks come ahead of the Russian Central Bank\u2019s next interest rate meeting scheduled for April 24.<\/p>\n On Wednesday, President Vladimir Putin ordered<\/a>\u00a0top economic officials to develop new measures to stimulate growth after the economy contracted by 1.8% in the first two months of the year, falling short of government forecasts.<\/p>\n A Message from The Moscow Times:<\/p>\n Dear readers,<\/p>\n We are facing unprecedented challenges. Russia’s Prosecutor General’s Office has designated The Moscow Times as an “undesirable” organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a “foreign agent.”<\/p>\n These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work “discredits the decisions of the Russian leadership.” We see things differently: we strive to provide accurate, unbiased reporting on Russia.<\/p>\n We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help<\/a>.<\/p>\n Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It’s quick to set up, and every contribution makes a significant impact.<\/p>\n By supporting The Moscow Times, you’re defending open, independent journalism in the face of repression. Thank you for standing with us.<\/p>\n \n\t\t\t\tContinue\n\t\t\t<\/p>\n \t\t\t\t Not ready to support today? \u00d7<\/p>\n \t\tRemind me next month<\/p>\n \n\t\t\tThank you! Your reminder is set.\n\t\t<\/p>\n
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