of last year, we certainly believ that disinflationary risks prevail. And we did not expect such rapid growth of the risks of hiring cheap seo agencies global economy and, accordingly, global demand, which spurr our production of export goods, and a fairly rapid recovery of the Russian economy. Even the second, autumn wave of the crisis did not lead to serious restrictions on activity: there was a slight slowdown in the rate of economic growth, but in principle the recovery trend continu.
Perhaps the rate trajectory would
have been slightly different”
— If you could prict that this would happen, would you still pursue a countercyclical policy?
— Countercyclical policy would have been, of course, anyway, because the pandemic l to a sharp drop in economic activity and demand. Monetary policy should bring both demand and the economy closer to their potential, which is why, in our opinion, soft monetary policy was indicat last year. But, of course, it is difficult now to say “what would have happen if”, because there were a lot of uncertainties. Perhaps the rate trajectory would have been slightly different if we had been confident that the economy would recover so quickly.
Minister of Economic Development
Maxim Reshetnikov said that the the centre undertake their schul majority of inflation is brought in, in a broad sense, from abroad and, in general, not all of it is america email subject to the influence of monetary restraint. Have you assess what part of inflation is non-monetary in nature?