the Current Central Bank forecast assumes a decline in GDP of 4-6% this year. “Our losses are likely to be less than in many other countries, and less than in the last global crisis of 2007-2009,” – said Nabiullina. Expected in Russia, GDP decline, in her estimation, is “very deep recession”. “But given the circumstances, this is still significantly less sensitivity to the global economic crisis”, – said the head of the Bank of Russia.

According to the estimates, next year the GDP growth will amount to 2.8 to 4.8 percent. A full return of Russia’s GDP to levels of 2019 will occur in the first half of 2022. “We are really waiting for a difficult path of recovery after the pandemic, stated Elvira. But there is every reason to believe, including drawing on the experience of very rapid and flexible measures that we have implemented in recent months, that we will not simply cope, but will help the economy return to sustainable growth”.

the Pandemic, said the head of the Central Bank, “have a good show where we are strong where we are well pass the test”. According to her, this macroeconomic stability and financial institutions stability, and formed the basis of financial technologies. However, in the foreground in the prevalence of coronavirus were the issues that the Central Bank will have to decide together with the legislators. First, is the protection of consumers of financial services. For five months of this year, the Central Bank recorded $ 165 of thousands of fraudulent transactions using electronic means of payment in the amount of 1.6 billion rubles. Almost 70% of the people do provide information to fraudsters.

According to the Bank, the average operation, which is performed without the consent of the citizens, is about 10 thousand rubles, and legal entities without the consent of 152 thousand RUB About half of the fraudulent transactions occurs with the acquisition of goods and services on the Internet, a third are transactions associated with online banking customers, less than 10% – in ATMs and POS-terminals.

However, if to compare with last year, the fraud is still getting smaller: last year their volume amounted to 6.4 billion rubles, the number – 576 thousand

Other outstanding, according to Nabiullina, the problems – to protect unqualified investors, and ultimatums on commissions and limits on transfers from the banks.

speaking of translations: in Russia can allow to commit their cash in the stores. The same applies to payments. This question is considering the Central Bank, said the head of the regulator.

currently, customers of some banks already can withdraw cash at cash desks of shops in remote and sparsely populated areas, she explained. To shoot at one time can be up to 5 thousand rubles, the necessary condition for the purchase.

Answering the questions of deputies, Nabiline assured that the reduction of the key rate to 4.5% per annum will not lead to the devaluation of wages and savings of Russians. “Thanks to the results of previous years, the trust of population and business to the price stability we now have the ability to do these steps without the risk of “inflationary spiral”, she said. In order to achieve a softening of monetary-credit conditions for borrowers, and reduced the key rate by 1%. One of the consequences – the average rate on mortgage loans at Russian banks fell in may to 7.4%. This is a historic low, said Elvira.

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Jennifer Alvarez is an investigative journalist and is a correspondent for European Union. She is based in Zurich in Switzerland and her field of work include covering human rights violations which take place in the various countries in and outside Europe. She also reports about the political situation in European Union. She has worked with some reputed companies in Europe and is currently contributing to USA News as a freelance journalist. As someone who has a Masters’ degree in Human Rights she also delivers lectures on Intercultural Management to students of Human Rights. She is also an authority on the Arab world politics and their diversity.