Nabiullina believes the negligible impact of coronavirus on the Russian economy

the head of the Bank of Russia Elvira Nabiullina called the minor influence of the situation with coronavirus in the economy of Russia.

Measures for combating coronavirus has partially reduced the demand in the Chinese economy, but in other countries it had little effect.

“the Situation with coronavirus is reflected on the economy of individual countries and the world as a whole. If to speak about Russia, the impact on our economy at the moment, we estimate as insignificant,” — said the head of the Central Bank at a press conference. Earlier, the Chairman of the accounts chamber of the Russian Federation Alexey Kudrin said about the possible impact of the situation with coronavirus on the Russian economy. He awaits the inevitable declining revenues from oil exports. This may affect the replenishment of reserves and budget.

on Friday, February 7, the Board of Directors of the Central Bank decided to lower its key interest rate from 6.25 to 6 per cent per annum. According to Nabiullina, the rate reduction will become noticeable immediately — the “peak effect taken to the present day decisions will have for the second half of this year.”

the Loans will be cheaper and it will speed up GDP growth.

According to the Central Bank, Russia’s economy has completed the adaptation to new conditions after the crisis 2014.

As noted Nabiullina, “from 2015 to 2019 macroeconomic policies like monetary and fiscal, is largely determined by the need to adapt our economy to a sharp change in external conditions, which occurred in 2014.”