Governor of the Central Bank of Russia: Nothing will ever be the same

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Governor of the Central Bank of Russia

Bank of Russia Governor Elvira Nabiullina said, “Everyone is aware that nothing will be the same as before. At the moment, as a country, we are losing out on international labor sharing, because our exports are discounted and imports are priced at a premium,” Nabiullina said.

Governor of the Central Bank of Russia

In her speech at the St. Petersburg International Economic Forum (SPIEF), Nabiullina made evaluations on the country’s economy.

Pointing out that the situation in the Russian economy is “complex” is a reality, Nabiullina said, “The situation is changing rapidly. We need to be able to respond and adapt to these changes quickly.”

Underlining that the conditions will no longer be the same, Nabiullina said, “Everyone is aware that nothing will be the same as before. External conditions have changed, not forever, but for a long time and significantly. At the moment, as a country, we are losing out on international labor sharing, because our exports are discounted and our imports are increased,” Nabiullina said.

Stating that exports are seen as a key source of foreign exchange earnings, Nabiullina said, “I think we should review the benefits of exports. We need to realize that if imports cannot be made with export revenues, then a significant part of our production should be aimed at the domestic market.”

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