Cbanker: Russia has room for counter-cyclical monetary policy - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Cbanker: Russia has room for counter-cyclical monetary policy

MOSCOW, Jan 15 (PRIME) -- Russia still has some room for a counter-cyclical monetary policy, Central Bank Chairwoman Elvira Nabiullina said on Friday during the Gaidar forum.

УWe should always have the possibility of conducting a counter-cycling policy. The interesting thing about this pandemic was that it was the first time that we have conducted the counter-cycling policy as a central bank, because we reduced rates instead of raising them,Ф she said.

УThe Finance Ministry was also able to spend a large amount of accumulated resources. And this room for the counter-cycling policy Е we still have some of it left, we are capable of reacting if the situation gets worse.Ф

Russia is more susceptible to the external shocks than the Western countries because it has no reserve currency.

УWe are more susceptible to different external shocks. We have no reserve currency, as we have reiterated together with Anton Germanovich (Siluanov, the finance minister) time and time again,Ф she said.

This is why the regulator is very cautious about unconventional monetary instruments like low or negative interest rates and a buyback of assets. These instruments could hurt Russia.

УWe are very cautious about it. There are limits to this unconventional policy. I think that the countries that use it are testing new frontiers each and every time. They see that nothing bad happens, inflation doesnТt grow, and the debts are serviced, and then they make another step and expand this policy. The way I see it, it would be a reckless gamble for Russia,Ф she said.

End

15.01.2021 14:10
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 56.3584 +1.7179 02 jul
USD 53.7676 +1.2553 02 jul
Stock Market Indices
1D 1W 1M 1Y
MICEX
micex 2206.61 +0.08 18:51 01 jul
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 207.00 0.00 18:49 01 jul
lkoh 3944.00 +1.00 18:49 01 jul
rosn 375.15 +3.56 18:49 01 jul
sber 125.20 0.00 18:49 01 jul
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 56.8500 +2.4475 14:59 01 jul
USDTD 53.7400 +1.7100 17:44 01 jul