Alexander Murychev Advocates Strategic Focus on Economic Growth
Alexander Murychev, co-chairman of the Financial Policy Committee of RUIE and chairman of the board of FBA EAC, presented his views at the Financial Policy of Russia forum during the "Growth Assurance Target" session. Murychev highlighted the liquidity crisis and declining industrial investment, arguing that the current monetary policy of the Central Bank is not aligned with the economic realities.
Murychev stated, "It is necessary to acknowledge that the 4% inflation target does not reflect the current macroeconomic, structural, and geopolitical conditions of the Russian economy. As Academician V. Ivanter noted, an economy with an inflation rate of 4% in Russia is professionally indistinguishable from one with an inflation rate of 6%." He called for a reevaluation of the regulatory framework.
RUIE's position is grounded in a survey of 120 industrial enterprise managers in the Volga region conducted in January 2026. The survey revealed that 62% of companies in the civilian sector reported a decrease in profits by the end of 2025, with 40% experiencing a twofold or greater decline. Investment activity saw a collapse among 92.3% of respondents in the fourth quarter, with 46% reporting a reduction in investments of more than 50% or complete project shutdowns.
RUIE emphasizes the escalating non-payment crisis, with 72% of enterprises reporting an increase in accounts receivable over the past year. Particularly concerning is the situation where debts arise under contracts with government agencies. "Given that many enterprises are part of state-owned corporations, the inability of central offices to provide payment for their own enterprises necessitates immediate measures," Murychev stressed, warning of potential risks such as employee transitions to part-time work and layoffs in the second half of 2026.
The Central Bank's stringent policy, according to the business association, impacts not only the real sector but also the banking sector. Referring to estimates from CMASF (Center for Macroeconomic Analysis and Short-Term Forecast) and the Bank of Russia, Murychev noted that 7 out of 12 systemically important banks are experiencing capital shortfalls of approximately 800 billion rubles, and the share of non-performing loans to legal entities has risen to 11%.
RUIE advocates for a change in the regulatory paradigm under current conditions. Murychev argues for coordinated actions between the government and the Central Bank, transitioning from an inflation-centric policy to one focused on stimulating investment. He proposes that the Central Bank be legally required to submit draft monetary policy documents to the State Duma only after obtaining the government's assessment of their alignment with economic growth objectives.
The forum's final resolution will be submitted to the Cabinet of Ministers and the Bank of Russia, forming the basis for the RUIE congress agenda.Photo Source: RUIE.