The Bank of Russia has clarified that the introduction of the digital ruble, Russia’s central bank digital currency (CBDC), will not lead to inflation or disrupt the country’s financial stability.
In a recently published draft outlining its policies for 2025-2027, the central bank emphasised that the digital ruble would not alter its ability to control monetary policy or manage the supply of money.
"The emergence of a digital form of the national currency will not affect the mechanisms for implementing monetary policy," the bank stated.
It further explained that it will continue using its existing tools to manage liquidity in the market, ensuring that interest rates remain stable.
The digital ruble, designed as a retail currency, will allow users to make direct payments, similar to China's digital yuan.
Some analysts have expressed concerns about the potential economic impact of the digital ruble.
However, the Bank of Russia reassured the public that the new currency would not contribute to inflation.
It clarified that while the CBDC may increase demand for cash and bank deposits, it will not lead to excessive money issuance.
The central bank also highlighted that the existing two-tier banking system will remain intact.
Commercial banks will continue to serve as lending institutions and provide custody services for people’s savings.
They will also support the digital ruble by offering tools for customers to open accounts and conduct transactions.