Russian Central Bank: Bottom of recession not yet passed

Russian Central Bank: Bottom of recession not yet passed

Russia's GDP is expected to grow at 1.7-2.4 percent in 2017-2018, head of the Bank of Russia said.

"Russia's GDP growth will increase in 2017-2018, but will stay at a moderate level at about 1.7-2.4 percent," Nabiullina said at a news conference in Moscow.

According to a press release issued by the Central Bank earlier on Monday, the Russian economy is expected to contract by 3.2 percent in 2015.

Annual inflation in Russia will stand at 11 percent in December 2015 and may slow down to a target level of 4 percent in 2017, Elvira Nabiullina said.

"According to our updated estimates, the annual inflation rate will be around 11 percent in December 2015. A year from now, in June 2016, inflation will decline to less than 7 percent per annum, and come close to the target level of 4 percent in 2017," Nabiullina told reporters.

The Central Bank head noted that Russia's ban on certain food imports from the European Union no longer affects inflation in the country.

The current recession in Russia has not yet reached its peak, head of the Nabiullina said.
"Unlike the peak of inflation, the bottom of recession, in our opinion, has not yet been passed," Nabiullina told reporters.

The net capital outflow in Russia may slow down from $90 billion in 2015 to 55-65 billion in 2018, Nabiullina, said.

"We are expecting the financial sanctions against Russia to remain in place [in the near future]. Payments on foreign debts during this period will constitute the bulk of the capital outflow," Nabiullina said.

"It [the capital outflow] will gradually reduce from $90 billion to about $55-65 billion during 2015-2018, depending on the scenario," she added.

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