Elvira Nabiullina spoke at the Financial Congress

In her speech Elvira Nabiullina assessed the economic situation in the country. In particular, she said that Russia’s GDP will grow by 1.5-2 percent per year in the medium term. The growth rate may be higher if structural reforms are implemented. Nabiullina also noted that the implementation of measures to accelerate economic growth, proposed by Russian President Vladimir Putin, will expand opportunities for private investment and entrepreneurship. And this will stimulate the growth of the Russian economy.

Package of economic measures may have inflationary consequences. However, the country’s central bank will be able to cope with this, thanks to an effective monetary policy. Deviations on inflation will be short-term and the indicator will return to the target level of 4 percent.

The Head of the Bank of Russia, Elvira Nabiullina, also touched upon the issue, which has been actively discussed recently. It was a budget rule. According to Nabiullina, it will be a very important contribution to macroeconomic stability. She emphasized that currently there are no significant risks that could have a negative impact on the Russian financial system.