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Russian Central Bank Says No Growth Until 2018

The head of the Russian central bank Elvira Nabiullina, has said that the economy will contract by between 1.3-1.5% in 2016. 

She added that growth will be zero the following year and possibly even a small contraction of 0.5%. However, GDP growth will return to the Russian economy by 2018 said the governor.

When asked about the recent strengthening of the ruble, she said that the factors affecting this change could be quite volatile so there is no need to change the banks policy as a result.

She said she did not expect any material changes in international reserves at the Central Bank. She told reporters, “We will not see the high capital outflow. It will be about $40 billion in 2016 under the base case scenario and will grow slightly after this.”

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