The promise of collapse was the first major statement by the head of the Central Bank of the Russian Federation Nabiullina since Russia's invasion of Ukraine.
Chairman of the Central Bank of the Russian Federation Elvira Nabiullina said significant economic problems in the Russian Federation in the second or third quarter of this year. This was reported by Reuters.
“The period when the economy can live on reserves is limited. And in the second and third quarters we will enter a period of structural change and the search for new business models,” she said.
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According to the head of the Central Bank, the sanctions have mostly affected the financial market,” but now they will increasingly affect the economy, “she said.
She said that this will be accompanied by rising prices for certain goods, so inflation, which reached 17% in March on an annual basis, will be higher than the target. But the reason for this will be low supply, not high demand.
“The main problems will be related to restrictions on imports and logistics of foreign trade, and further with restrictions for export “, – added the chairman of the Central Bank.
At the same time, she said, the state will not try to artificially curb inflation, as this will prevent Russian companies from adapting to new realities.
“Russian producers will need to look for new partners , logistics or move to the production of previous generations, “she said.
Exporters will have to look for new partners and logistics schemes, and” all this will take time, “she said. Nabiullina.
It will be recalled that Nabiullina tried to resign four days after Russia's invasion of Ukraine. However, Putin did not accept his resignation, Bloomberg reported.
On March 18, Putin proposed to the State Duma to approve the reappointment of Nabiullina for a third term as head of the Bank of Russia. She has been managing the Central Bank since 2013. Nabiullina herself has never commented on her tenure.
