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RCA President Ruling Out Impact of Western Financial Turmoil on Country

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The head of the Russian Central Bank, Elvira Nabiullina, pointed out that turmoil in Western financial markets does not directly affect the Russian economy.

But the head of the Russian Central Bank pointed out that the situation in the US banking sector increases the risks for the global economy.

Nabiullina said at a press conference today regarding the decision of the Central Bank of the Russian Federation to keep the base interest rate at the current level unchanged: “When assessing external conditions, there is no direct influence of the current situation in the banking system of the United States. States and Europe on the Russian financial system, but this new factor is already at the limit of its capabilities.” Added to this is uncertainty about the future course of the global economy.

She added: “Current inflationary pressures are still high and this situation could lead to increased risks in the global economy and risks of recession in it, despite the strong data that we have seen recently.”

Here are Nabiullina’s most striking statements:

– The possibility of raising the main interest rate this year outweighs the possibility of cutting it.

The Central Bank expects to return to the neutral range of the main interest rate in 2025.

– The situation in European and American banks increases the risk of a global recession.

– The crisis of European and American banks will not affect the Russian economy.

– The United States and the European Union have a lot of experience in dealing with banking crises.

– The Central Bank did not receive applications for the exchange of assets between Russian and foreign banks.

Source: News + TASS

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