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佛跳墙 念一:揭开隐藏在网络背后的黑暗面纱与风险
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佛跳墙 念一:揭开隐藏在网络背后的黑暗面纱与风险

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  新华财经莫斯科4月27日电(记者包诺敏)俄罗斯中央银行董事会25日决定将基准利率维持在21%不变,这是俄央行连续第四次维持这一历史高位利率。自去年10月以来,俄罗斯基准利率始终维持在该水平。

  通胀压力居高不下货币政策延续紧缩基调

  俄央行在声明中指出,当前通胀压力虽有所趋缓,但仍处于高位。国内需求增长持续超过商品和服务供应能力,同时,根据运行数据,经济已开始逐步回归平衡增长轨道。

  与前几次会议后的声明不同,俄央行本次声明并没有提及“如果紧缩的货币政策态势不能确保降低通胀目标的实现,央行将考虑提高基准利率”这样的措辞。通报称,俄罗斯央行将保持必要的货币紧缩政策,以使通胀率在2026年恢复到4%的目标,这意味着央行将根据通胀率和通胀预期下降的速度和可持续性对基准利率做出进一步决定。

  InFOM调查机构数据显示,截至4月21日,俄罗斯年化通胀率为10.3%,超过设定目标值。居民通胀率在经历两个月回落后,4月单月反弹至13.1%;监管机构指出,商业价格预期达19.8%,远高于前2017-2019年平均水平。

  Promsvyazbank银行分析专家丹尼斯·波波夫表示,尽管已有通胀放缓的迹象,但这一过程还不能称得上是可持续的。

  波波夫解释说:“民众和企业的通胀预期正在下降,但仍然很高。主要的通货紧缩因素——强劲的卢布汇率——并非通胀的稳定锚点,尤其是在油价明显下跌的背景下。”

  俄央行行长纳比乌琳娜说,关税战升级及贸易结构变化可能对俄罗斯经济产生连锁反应,“这是一个新的重大风险,必须纳入政策考量”。此外,卢布汇率波动的影响仍存不确定性。尽管第一季度卢布走强部分缓解了输入性通胀压力,但俄央行强调其可持续性尚待观察,若汇率趋稳或为未来降息创造条件。

  经济过热态势未改降息窗口尚未开启

  尽管市场普遍预测本次高利率将延续,但关于降息时点的讨论也已同时悄然升温。部分机构预测,6月俄央行下一次会议可能启动降息周期,或将基本利率下调至19%。然而,也有分析认为,高利率政策可能持续至2026年中期。俄罗斯经济发展部预测显示,2025年通胀率可能在7.6%点位,2026年方能回落至4%。

  经济数据印证了过热风险。2025年第一季度,尽管零售和企业信贷活动受抑,但居民收入与预算支出增长仍支撑内需。俄经济发展部长马克西姆·列舍特尼科夫指出,食品、化工、木材加工等行业增速已现放缓迹象,但整体经济仍未完全摆脱“供给扩张滞后于需求”的失衡状态。经济分析师表示,劳动力市场紧张局势虽边际缓解,但工资增速仍高于劳动生产率,进一步推高成本压力。

  SynergyUniversity专家、经济学博士叶卡捷琳娜·费久科维奇认为,俄罗斯经济已经对基准利率调节的机制产生了“耐受性”。进一步提高利率反而可能显著减缓经济发展进程。

  CifraBroker首席分析师娜塔莉亚·皮里耶娃则表示:“目前经济形势依然不明朗。一方面,贷款正常化,消费者价格增速放缓,民众和企业的通胀预期下降,这似乎为考虑降息提供了可能性。然而,我们认为,目前还没有足够的数据来自信地表明通货紧缩趋势的稳定性。”

  俄罗斯天然气工业银行私人业务负责人叶戈尔·苏辛强调,当前的经济形势使得央行可能开始考虑放松货币政策,但监管机构不会根据一个季度的数据来判断通货紧缩趋势的可持续性。

  俄罗斯央行分析师指出,第一季度通胀压力明显下降,但这部分是由于卢布汇率走强,而卢布汇率的稳定性值得怀疑。重要的通胀因素之一——劳动力市场的紧张局势正在逐步减弱,但这尚未导致工资增长率与劳动生产率增长率趋同。与此同时,央行分析师指出,经济正逐渐摆脱严重过热阶段,即供给扩张能力赶不上需求增长,从而刺激通胀进程。

  RenaissanceCapital首席经济学家奥列格·库兹明认为,目前看来,利率或将在较长时间内保持在21%的水平,但到2026年中期会较快地下降到12%。

  若地缘局势改善、国际油价稳定,俄罗斯2026年或迎来渐进式降息周期;但若贸易摩擦升级或财政扩张超预期,高利率可能延续更久。围绕通胀与增长的博弈,正成为俄罗斯经济结构转型的关键变量。

  编辑:马萌伟

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