Came as a surprise to the market and what is it and what scheme of work on the marketplace should a seller choose analysts; only a few experts allowed for a 75 basis point move. You recently repeated in the State Duma that you had not committed to giving signals before each board meeting. Does this mean that monetary policy decisions have the right to be unpredictable and that there is nothing wrong with their divergence from market expectations?
Of course, no central bank strives
to be unpredictable. But any central bank reserves for itself, for its monetary policy, the right to act exactly as necessary to achieve its main goal, namely price stability. Therefore, if at the time of decision-making, the set of data and the interpretation of this data by the board of directors, their translation into a forecast indicate that a certain decision should be made, then this is the decision that is made, based on achieving the inflation target.
Terms of assessing our communications
it is important for us that in the week following the board’s decision on the rate, the publication of the press release, the the first concerns the understanding updated forecast (if this is a reference meeting) and the chairman’s press alb directory conference, the trajectory of the rate embedded in the market reflects what the board had in mind.
— So, successful communication is one that does not lead to adjustments in the market?