This is well reflected in the 2018-2022 corporate strategy under course. This was based on an unprecedented consultation of stakeholders and participatory internal process. It defined as a vision for the Bank to be a trustworthy technical institution, known for its high standards in achieving its institutional objectives. On this basis, we have launched a number of initiatives aimed at fostering public trust in terms by improving its reliability, adaptability, integrity, accessibility and fairness. To improve its reliability, the Central Bank of Chile has taken a thoughtful process of revision of its framework of monetary policy and forward guidance. Great emphasis has also been given to strengthening the technical toolkit to identify and communicate sources of financial risk. With a focus on adaptability, we have introduced special chapters, analytical boxes and companion studies to our flagship reports. We have also launched a technological observatory with the goal of identifying new sources of risk, and the creation of the Corporate Risk Area within the Bank. For integrity, we have broadened the framework and coverage of declaration of interests among executives and staff in sensitive functions, and have strengthened our external auditing committee. Some initiatives to improve the Bank’s accessibility include regular presentations of Bank reports throughout the country, the development of market intelligence mechanisms and the upgrading of communications by creating an Institutional Affairs Division. To foster fairness we are also deepening our analysis of the economic and financial behavior of households and raising our contribution to financial literacy and education to the highest world standards.
Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 23 July 2021. * * * Good afternoon, We have made the decision to raise the key rate by 100 basis points to 6.50% per annum. Our today’s decision is based on the updated macroeconomic forecast that was significantly revised. The growth of the Russian economy sped up in the second quarter, and inflationary pressure turned out to be higher and more persistent than forecast. Some sectors are already demonstrating signs of overheating. Inflation expectations also continued to go up. Given the observed trends, we have revised our inflation forecast upwards by one point. This year, it will equal 5.7–6.2%. The important step in our policy, which we have made today, is needed to bring inflation back to the target. We expect inflation to slow down to 4.0–4.5% next year and stay close to 4% further on. Nonetheless, our policy will not contain the steady rates of economic growth. I would now dwell on the factors behind our today’s decision. I will start out with inflation. As of 19 July, inflation was 6.5% in annualised terms. This is considerably above the target and is close to five-year peaks. High growth rates are driven by both temporary and steady factors. According to our estimates, steady factors dominate at the moment.