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Elvira Nabiullina Gave Comments On Monetary Policy
February 14, 2016 17:00


The Chairman of the Central Bank Elvira Nabiullina announced the suspension of the cycle of monetary policy easing. This was reported by Rambler News Service on Thursday, February 11.

“We are revising our forecasts. In general, we must proceed from the fact that oil prices can persist at a low level for a long time (...). In the case of strengthening of inflationary risks, if the negative scenario is implemented, we cannot exclude tightening” - the agency quotes her words.

The Head of the Bank of Russia spoke about the high adaptability of the economy to changes. She also reported that in 2015 the volume of assets of Russian banks (it reached 83 trillion roubles – a note by “Lenta.Ru”) exceeded 100 percent of GDP, “despite the difficult conditions”. Nabiullina stressed the fact that the regulator did not intend to introduce any new exemptions for banks and that the preferential exchange rates for the calculation of risks in two criteria would remain valid until 31 March. She stated that the banking system was able to adapt without any additional benefits. The tightening or easing of the regulator’s monetary policy is reflected in the changes to the key rate. The higher it is, the stricter the policy becomes.

At the last meeting of the Board of Directors of the Central Bank it was decided to leave the rate at the 11 percent level (which remains unchanged from July 31 ,2015). The regulator said that the risks of inflation accelerating grew due to the fall in oil prices.


Author: Anna Dorozhkina

Tags: Central Bank Elvira Nabiullina    

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