Nabiullina says Russia’s economy adapts to new conditions fast

ST. PETERSBURG, Jun 15 (PRIME) -- The Russian economy has been developing under a scenario of fast adaptation to the new conditions, Central Bank Chairwoman Elvira Nabiullina said during her speech at the St. Petersburg International Economic Forum (SPIEF) on Thursday.

“The Russian business, the Russian economy have been developing under a scenario of rapid adaptation. Our companies have adapted themselves very fast,” she said.

Russia’s banking system is healthy, holds a fair reserve of “real” capital, and can play a great role to finance the economy’s structural transformation and development, Nabiullina said.

The financial system should adjust to service the structural transformation of the economy and to maintain the stability, she added.

The central bank will continue steps to support the trust in Russia’s financial system and the capital market, Nabiullina also said.

“Last year, the main task for me was to maintain the trust in the financial system so that people do not fear inflation and rely on the financial system’s resources,” she said.

The chairwoman said that the central bank supports movement toward privatization as there are assets in Russia, which can be privatized “with no harm to the strategic interests.”

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