Nabiullina sees signs of cautious optimism in the financial market
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The head of the Bank of Russia, Elvira Nabiullina, said that in recent months there are indicators on the Russian financial market that give grounds for cautious optimism. We are talking, in particular, about the growth in the number of active investors with active accounts, as well as the restoration of the volume of client assets on them. Ms. Nabiullina stated this at the Russian Stock Market 2023 conference.
“Although the market has experienced difficulties, there are already indicators of recent months that give grounds for cautious optimism,” said the head of the Central Bank (quoted from broadcasts forum).
Ms. Nabiullina noted that in the coming years the capital market in Russia will be dominated by bank financing. This will be due to the fact that the capital market has suffered more due to the 2022 crisis, the head of the Bank of Russia believes. At the same time, according to her, the Central Bank intends to stimulate the growth of the capital market at a “leading pace”.
The head of the regulator also noted that Russia needs to maintain the maximum possible “under these conditions” openness, including in the area of attracting investors from both friendly and unfriendly countries. In addition, the Bank of Russia will work to increase the role of institutional investors in the financial market, Ms. Nabiullina said.
The head of the Central Bank also said that the regulator is discussing with the government the possibility of obliging residents when buying companies from foreign owners to bring part of the shares of the acquired company to the market. In her opinion, this contributes to the diversity of instruments for investors.
At the end of April, the regulator improved macro forecast: at the end of the year, the Central Bank expects inflation at the level of 4.5-6.5%, GDP growth – 0.5-2.0%. Among the short-term risks, the Central Bank names “a deterioration in the growth prospects of the global economy against the backdrop of instability in the financial markets of developed countries.” At the same time, in the medium term, pro-inflationary expectations remain associated with a significant shortage of labor in certain industries, the impact of “geopolitical tensions on the terms of foreign trade”, as well as the complication of production chains, logistics and financial settlements.
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