Peskov doubts that SPIEF could end discussions between Econ Ministry, Central Bank
MOSCOW. June 19 (Interfax) - The press secretary of the Russian president, Dmitry Peskov, has expressed doubt during a plenary session at the St. Petersburg International Economic Forum that the president could end the discussion between the Economic Development Ministry and the Central Bank on ways to develop the economy, though he expressed confidence that one way or another the issue of the key rate would be discussed.
"I don't think so. This discussion is wonderful. It is precisely these kinds of discussions that should constantly accompany the work of the government's economic bloc," Peskov said during an interview with Izvestiya in response to a question on whether it was possible to assume that the president would put an end to the discussion between the head of the Economic Development Ministry Maxim Reshetnikov and Central Bank Governor Elvira Nabiullina regarding the paths and models of economic development at the plenary session at the St. Petersburg International Economic Forum (SPIEF) 2025 on Friday.
Peskov said that there had always been discussions of this kind and most of the economic bloc's meetings were not made public. "These are always meetings where people express various alternative perspectives. Sometimes it gets emotional, and though the members argue their points properly, the arguments get very heated. And this is as the process should be. The essence of it is too complex, with too many different components, and the economy reacts too slowly to the decisions taken," Peskov said. He said that the effect of these economic decisions set in only after a long period of time.
He said that the government's economic bloc was succeeding in sustaining a rapid rate of development for the country. "The improving quality of our economy is the direct result of the work of that very same economic bloc," he said.
Peskov talked about the different points of views on the key rate, including the opinion that a 1% decrease was insufficient. "That rate is also insufficient, of course, and it is holding our economy back, but that is consciously done, planned. Nabiullina has talked about that, and so has the Economic Development Ministry," he said.
Peskov also said that there were currently debates on whether it was sufficient to slow down the economy and whether acceleration or more deceleration was needed. He said that some would agree with Reshetnikov's stance regarding the risk of a recession, while others would argue in favor of creating an extra safety net.
"In any case, we cannot make any rash decisions," Peskov said.
"I am sure that it will be discussed, of course, one way or another," he said, asked to clarify whether the issue would be raised at the plenary session.
