20.03.2026, 16:32
The Central Bank assessed the impact of the war in the Middle East on the Russian economy
Source: OREANDA-NEWS
OREANDA-NEWS The impact of the war in the Middle East on the Russian economy will depend on the duration of the conflict. This is how the consequences of the fighting in the Persian Gulf were assessed by the head of the Central Bank, Elvira Nabiullina, broadcast by the Telegram channel of the regulator.
According to the head of the Central Bank, the conflict involving Iran, the United States and Israel definitely affects global markets.
"The situation in the Middle East significantly affects the global commodity markets, and the final effect on the Russian economy will depend on the duration and scale of these geopolitical events," she stressed.
In general, military operations and the closure of the Strait of Hormuz may support Russian export revenues and the national currency, but in the long term they may become an inflationary factor, Nabiullina added.
Against the background of a gradual weakening of inflationary pressure, the regulator's management decided to continue the cycle of monetary policy easing. Following the results of the March meeting, the Central Bank lowered the key rate by another 50 basis points, from 15.5 to 15 percent per annum. Thus, the bar has dropped to a minimum since 2023.
According to the head of the Central Bank, the conflict involving Iran, the United States and Israel definitely affects global markets.
"The situation in the Middle East significantly affects the global commodity markets, and the final effect on the Russian economy will depend on the duration and scale of these geopolitical events," she stressed.
In general, military operations and the closure of the Strait of Hormuz may support Russian export revenues and the national currency, but in the long term they may become an inflationary factor, Nabiullina added.
Against the background of a gradual weakening of inflationary pressure, the regulator's management decided to continue the cycle of monetary policy easing. Following the results of the March meeting, the Central Bank lowered the key rate by another 50 basis points, from 15.5 to 15 percent per annum. Thus, the bar has dropped to a minimum since 2023.
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