The Central Bank said, how long will the difficulties in the Russian economy

The Central Bank said, how long will the difficulties in the Russian economy


Economic prospects in the world look very uncertain, so the Russian economy will have to go through a painful process of adaptation to new environments, said the first Deputy Chairman of the Central Bank Dmitry Tulin.

MOSCOW, 23 Oct. Difficult period in the Russian economy will persist for the next three years because of instability in the world markets and lack of access to external capital markets, said the first Deputy Chairman of the Central Bank Dmitry Tulin.

“We are prepared to work in difficult conditions, because our baseline forecast suggests an improvement in economic conditions and the weakening of foreign policy tensions,” said Tulin at the meeting of the working group in the Duma during the consideration of the draft main direction of the monetary policy of the Russian Federation in the years 2016-2018.

“Access to the Russian economy to foreign lending markets will remain limited, it is said diplomatically,’ he said. For most Russian companies generally, foreign financial markets will be closed”.

The prospects for the world economy and on the West and the East seem very uncertain, said Thulin. “Therefore, we should expect increased volatility, in other words, volatility in commodity and financial markets”, — said the first Deputy Chairman of the Central Bank.

“The Russian economy will go through a painful process of adaptation to new environments and will rely for its further development mainly on domestic resources,” he said.