“Criticize - propose,” explained Igor Dmitriev, director of the monetary policy department of the Central Bank, why the Central Bank prepared proposals for changes that the government needs to carry out. Elvira Nabiullina, the chairman of the Central Bank, urged the government to reduce the influence of non-monetary factors (that is, those that are outside the zone of influence of the Central Bank): “By structural decisions, we will be able to reduce inflation, inflation expectations and rates faster.”
In total, the Central Bank lists nine non-monetary risks in a report to the government: lower oil prices, higher world prices for goods, the imposition of new sanctions and counter-sanctions, the rigidity of the labor market, the deterioration of the institutional environment, the reduction of production capacities and labor force, monopolization of markets and weather shocks.
Source: https://www.vedomosti.ru