MPs are preparing to review the annual report of the Bank of Russia for 2019, and in anticipation of the report on “the plenary” the head of the Central Bank spoke at a joint meeting of several Duma committees.
“the Coronavirus is not just “freeze” a normal life. We all understand that the impact of the epidemic will not disappear immediately after the restrictions were lifted, warned the head of the regulator. – In fact coronavirus pushed all the trajectories which would develop the economy and the financial system”.
However, the Central Bank, according to her, is more optimistic about the future than in the midst of a pandemic. After all, the regions weaken constraints begin to operate an industrial enterprise, trade, somewhere already and the service sector.
“But in our assessment, there is still a few quarters of recovery,” Nabiullina said.
the Blow he received and the financial system. Russian banks received in may to a record low net profit of 500 million rubles. And in April, the profit was 32 billion rubles, which is six times less than in March.
“These figures are not rosy, but not frightening, the banking system cope with the load, – said the head of the Central Bank. Lending is reviving as the economy of the restrictive measures.”
In General, Russia’s financial system is able to support economic growth, said Nabiullina.
besides, faster return to potential growth rate of the economy will allow easy monetary policy of the Central Bank. It would support the recovery in domestic demand.
according to the interlocutor of deputies, the lowest inflation in the beginning of 2020 allows the Bank of Russia to continue lowering the key rate, and a more decisive step than before.
