Nabiullina: turbulence in Western markets does not directly affect the Russian financial system

Chairman of the Bank of Russia Elvira Nabiullina said that the current situation in the financial markets of the West does not directly affect the economy in the Russian Federation. At the same time, the situation in the American banking sector increases the risks for the global economy, Ms. Nabiullina noted during her speech following the meeting of the Board of Directors of the Central Bank.

“Direct influence (situations in the banking sector of the USA and Europe.— “b”) to the Russian financial system is not,” said the head of the Central Bank. However, the current situation in the Western banking system adds “uncertainty about the future trajectory of the global economy,” noted Elvira Nabiullina.

Earlier today, on March 17, the Bank of Russia left the key rate at 7.5% per annum for the fourth time in a row.

10th of March announced about the bankruptcy of Silicon Valley Bank. It is the 16th largest bank in the US that has been focused on startups. At the same time appeared problem reports from First Republic, which specializes in mortgage lending.

One of the largest banks in Switzerland Credit Suisse March 13 declaredthat it found “material deficiencies” in its financial statements. After that, the bank’s quotes collapsed, he was forced to seek help from the National Bank of Switzerland. Authorities study all possible options for saving Credit Suisse, among which is the forced merger of the bank with UBS.

According to an inFOM study commissioned by the Bank of Russia, inflation expectations of the Russian population for the year ahead in March 2023 decreased to 10.7% from 12.2% a month earlier.

Read about the decision on the rate in the publication “Kommersant” “The Central Bank is still beeping”.

Maria Fedotova