Alexander Murychev Addressed the State Duma on Economic Development

On January 27th, 2026, the State Duma held an extended meeting of the Financial Market Committee. The conference was dedicated to the interaction between the Duma, the Government and the Bank of Russia in implementing measures to ensure economic growth. Deputies of relevant committees and representatives of factions attended the event, also, there were heads of the Bank of Russia, key ministries and Rosfinmonitoring.

According to Alexander Murychev, Chairman of the FBA EAC Board and Vice President of the Russian Union of Industrialists and Entrepreneurs, a key challenge for business is an uncertainty, which makes it difficult to build long-term development strategies and leads to the freezing of investment projects. And this is why it has a negative impact on structural transformations in the economy — he noted that a reduction just in the key interest rate would not be able to ensure growth without such deep transformations.

Alexander Murychev emphasized that the government's main goal should be economic growth, but investment dynamics are currently negative. After the growth in the first quarter of 2025, investments in fixed assets decreased in the second and third quarters, indicating the investment crisis transition into an open phase. The main companies' problems are a significant increase in costs due to high interest rates and lack of own funds, and for small and medium ones — increased bankruptcy risks.

Special attention was paid to the ruble volatility, including the possibility of placing part of the funds of the National Welfare Fund (NWF) in ruble instruments.

For businesses, a critical stability factor is not a nominal value of the exchange rate but its long-term predictability, which allows companies to plan investments and operations effectively.