Russian cbank may add crisis scenario in monetary policy till ‘17

MOSCOW, Sep 25 (PRIME) -- Russia’s central bank may include a crisis scenario of slumping oil prices into its monetary policy draft until 2017, Chairwoman Elvira Nabiullina said Thursday presenting the draft to the government.

The regulator is working on the shock scenario of economic development now, Nabiullina said.

Previously, she said the draft includes three macroeconomic scenarios, none of which accounts for a rapid decrease in oil prices.

She also said the bank doubts that lowering its key rate to 4–6% will result in banks lowering their credit rates for companies, while the central bank cannot directly regulate them and force the banks to “give cheap credits to borrowers.”

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