Bank of Russia deputy says monetary policy cannot guarantee growth targets

Zabotkin's remarks underscore the limits of central bank influence over real economy output, adding to a global trend of policymakers managing expectations rather than promising outcomes.

By Handelsavisen Newsroom · Automated 2026-07-03 14:22 UTC · 1 min read

Monetary policy is incapable of ensuring predetermined economic growth parameters, according to Alexey Zabotkin, Deputy Governor of the Bank of Russia.

Speaking on RBC Radio, Zabotkin emphasized that the central bank's tools are designed to stabilize prices and manage inflation, not to engineer specific GDP outcomes.

This approach aligns with recent statements from other major central banks, which have cautioned against relying on forward guidance for precise economic forecasts.

He further stated that freezing Russian deposits is impossible under any conditions, reinforcing the institution's stance on financial stability.

The comments reflect a broader shift in central bank communication strategies globally.

Rather than committing to growth targets, policymakers are increasingly focused on managing market expectations and maintaining credibility.

This approach aligns with recent statements from other major central banks, which have cautioned against relying on forward guidance for precise economic forecasts.