The Central Bank told about the “new reality” in the Russian economy

First Deputy Chairman of the CBR Ksenia Yudaeva

The situation in the Russian economy is doing better than could be expected under existing conditions, and is not temporary difficulties, a “new reality”. This was stated by first Deputy Chairman of the Bank of Russia Ksenia Yudaeva in an interview with “Izvestia”.

“I would have concentrated on the word “crisis”. Our situation best describes the term “new reality”, i.e. it does not temporary difficulties, and new coordinates in which our economy will develop. And in this new reality there are various new opportunities,” said Yudaeva.

According to first Deputy Chairman of the Central Bank, contrary to the second wave of the fall in oil prices the economic situation continues to stabilize. Udagawa noted that the fall in oil prices pushes the economy to changes in the structure. “There are sectors in which new opportunities for development. And the first signs that this is happening, we see,” she explained, adding that in certain sectors and companies in the past year has seen a significant increase in profit.

During the interview, Yudaeva noted that the policy of the Bank of Russia has no immediate impact on the economy and inflation, and its effect is delayed in time. According to her, the regulator takes into account not so much current, how many future dynamics. Yudaeva said that including for this reason the Central Bank left unchanged its key interest rate at 11% per annum.

The representative of the Central Bank expressed the view that the banking system of Russia “will resist any external shocks”. Yudaeva also touched on the issue of inflation risks, which, according to her, connected to “external factors, as well as high inflation expectations and fiscal policy”. She noted that such risks may even rise to the level of the budget deficit.

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