Cbanker: Russian economy weathers oil price fall shock of 2014-15

MOSCOW, Nov 22 (PRIME) -- Russia’s economy has almost weathered the consequences of the oil price fall shock of 2014-2015 and is rising at a pace close to the highest possible for its current structure, Central Bank Chairwoman Elvira Nabiullina said at a meeting of the State Dume, the parliament’s lower house, on Wednesday.

The official also said that he central bank is worried about Russian people’s inflationary expectations, which are still high.

“What do we worry about? About people’s high inflationary expectations although they are declining,” Nabiullina said.

She also said that Russian banks will boost loan portfolios about 5-7% in 2018 and 7-9% annually from 2019.

“This is a level exceeding the growth of gross domestic product (GDP) and it will support economic development… 397 of 572 credit organizations operating in Russia as of November 1 are profitable,” she added.

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