Dmitry Pyanov from VTB presented a play about the ruble's wild swings and a possible pact between the Central Bank and the authorities.

      02 December 2025 17:10 Economy

      First Deputy President — Chairman of the Management Board of VTB Dmitry Pyanov, ahead of the 16th VTB investment forum "Russia Is Calling!", published in RBC a play titled "Inflation, or A Dream on a Winter Night" based on the classics of William Shakespeare. In doing so Pyanov draws attention to and emphasizes the need to acknowledge the existing problem of ruble exchange-rate formation.

      "In the past 15 years I cannot recall another moment when business was so widely and deeply convinced that 'the exchange rate is not real.' All of the country's external trading partners — the Gulf, China, India — have either a fixed exchange rate or an exchange rate with 'strong steering.' We pose the question — is the floating ruble exchange-rate model still correct in the new macroeconomic realities? A possible alternative configuration is a floating currency corridor," Pyanov explained, his words quoted in the RBC publication.

      In addition, Pyanov points to a possible "unspoken pact" concluded between the Bank of Russia and the executive branch, which includes an inflation target of 4% and defines the monthly increase in the corporate loan portfolio as a key indicator of the money supply. "If the monthly increase amounts to less than 10% per year, monetary conditions are considered tight and require easing. Otherwise, as was the case in October, tightening is necessary," he added.

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