the Chairman of the Central Bank Elvira Nabiullina believes that the recovery of economic activity in Russia can take more than 1.5 years. This forecast it announced today during a press conference.
“We continued the easing of monetary policy in the first place, given that there are still risks of deviation of inflation down from 4% in 2021. It is associated with a significant decline in economic activity, drop in domestic and external demand”, — quotes the PRIME head of the Central Bank.
it is estimated that the recovery “will take more than 1.5 years, which will have a moderating influence on price dynamics”.
Earlier on Friday, the Board of Directors of the Bank of Russia lowered the key rate by 25 basis points to 4.25% per annum. The rate was lowered for the fourth time this year and to a new historic low.
In this case the regulator considers the possible monetary policy easing and further lowering the key rate. “Overall, we believe that will still be a space for monetary policy easing,” said Nabiullina, whose words leads TASS.
Recall also that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.
may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19.
on 2 June Prime Minister Mikhail Mishustin reported on the nationwide state plan for the recovery of the Russian economy in 2020-2021 years, noting in particular that the cost of the planand will be about 5 trillion rubles. June 19, Putin was sent a revised draft of the national plan.
July 2, Deputy Minister of Finance of the Russian Federation Vladimir Kolychev said that the total cost of the measures (the bailout package), aimed at combating the spread of coronavirus infection in Russia and mitigating economic impacts from restrictions imposed, estimated to be worth about 4 trillion rubles. According to him, the main focus of the budget measures were made on several fronts: strengthening health systems, supporting citizens and businesses, the balancing of regional budgets.
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