Nabiullina on a possible downturn in the Russian economy: “I don’t like to look for the bottom so much”

Central Bank Chairman Elvira Nabiullina did not answer the question whether the Russian economy has passed the bottom or is facing a prolonged recession. According to Mrs. Nabiullina, she does not like to “find the bottom”.

The head of the Central Bank admitted the risk of a “hard scenario” in the global economy. “I do not like to look for the bottom in any issues,” Ms. Nabiullina said at the Finopolis forum. According to her, in response to the deteriorating financial situation in the world, Russia needs to speed up its structural transformation. Before the end of this year, she announced the adoption of a new concept for the regulation of the financial sector.

Elvira Nabiullina said that inflation expectations in Russia are not decreasing yet. Speaking about the possible preservation of the key rate, she said that disinflationary and pro-inflationary risks are balanced in the short term. According to her, the regulator will look at the situation and take into account the speed of adaptation of economic sectors. At the same time, according to Ms. Nabiullina’s forecast, in 2023 the rate may remain the same as this year.

The head of the Central Bank also spoke about the stabilization of the situation with cash transactions and its return to the “seasonal norm”. She noted that the peak of the outflow of cash was in February and then September and October. “But in general, the outflow of cash in September-October was less than in February-March. In September, if I am not mistaken, 500 billion rubles, in October – about 100 billion rubles,” she said.

The news is being added.