MOSCOW, Apr 7 (PRIME) -- Russian banks’ assets grew 0.3% from January through March to 81.2 trillion rubles, cleared of exchange rate effects, Central Bank Chairwoman Elvira Nabiullina said at a congress of the Association of Russian Banks on Thursday.
“I must remind you that in the first quarter of last year, assets fell by more than 5%, by 5.3%,” Nabiullina said.
Banks posted a 107 billion ruble net profit compared to losses in January–March 2015, she said. “The banks have enough profit and enough capital to raise crediting of the economy.”
Nabiullina said that the situation in the Russian economy is about to stabilize: “The situation in the Russian economy is still difficult but the worst fears have not come true. Recession has not come to an end but the economy is close to stabilization.”
The central bank forecasts a 1.3–1.5% economic contraction in 2016 if oil price stands at U.S. $30 per barrel.
The chairwoman said that statements that Russia is in stagflation are wrong. “Inflation fell from almost 17% last March to 7.3% this March on the year, this is more than two times. This is why I think that talking that we allegedly have stagflation are inappropriate.”
Inflation must reach 4% in 2017, which is a realistic goal, she reiterated.
The central bank will be able to start reducing the key rate more actively if inflation falls steadily, she said. “We see that long-term loan interests fall faster than short-term interest even in conditions of a stable key rate because economic agents count on a gradually falling inflation.”
(68.5215 rubles – U.S. $1)
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