Head of the Central Bank Elvira Nabiullina In a conversation with RBC, stated that the Central Bank evaluates the likelihood of the global financial crisis “as very low.”
So Nabiullina commented on the Bank of Russia’s project on the “main directions of monetary policy”. “In the scenario, 2023 is specified, but it is absolutely conditional and needed to show on a three-year forecast period, which consequences may be if this scenario is implemented,” the publication interlocutor said.
She stressed that the CB project cannot be considered “as some kind of crisis prediction.” In her opinion, the pandemic crisis began in 2020 standing on a mansion and is not related to the economic cycle. Nabiullina emphasized that in conditions of soft monetary policy, there is a chance of the emergence of economic bubbles. “And therefore found it relevant to show how the cyclic global crisis can unfold, and what will be the reaction of the central bank on it,” she explained.