Nabiullina: Russian economy to recover during several quarters

Nabiullina: Russian economy to recover during several quarters

Russia's central bank chairwoman Elvira Nabiullina said she expects that the Russian economy will be recovering during several quarters.

"We all understand that the consequences of the epidemic will not disappear immediately after the restrictions are lifted. In fact, coronavirus has moved the paths along which the economy and the financial system would develop," she said at the State Duma.

"Now we feel a little more optimistic about the future, regions are easing restrictions, industrial enterprises and trade are starting to work, even service sectors somewhere. But, under our estimates, there are still several quarters of recovery ahead," Nabiullina added.

According to her, the central bank’s soft monetary policy will allow the economy to quickly return to the potential rates of growth. "A soft monetary policy will support the restoration of domestic demand and will allow the economy to return to its potential faster," she said.

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