Nabiullina ruled out a crash in the economy with low oil prices


Catastrophe in the Russian economy under low oil prices will not happen. This was stated by the head of the Bank of Russia Elvira Nabiullina, speaking at a seminar-meeting of “United Russia”, reports TASS.

“Our calculations show that even if it will be the scenario with the low price of oil, it is clear that this negative impact on economic growth, but no catastrophe will be,” she said. As explained TASS, we are talking about the scenarios with $25 per barrel.

The head of the regulator added that the Russian economy, the financial system and the balance of payments “is largely adapted to these oil prices”.

23 September, Nabiullina said that the main problem for the Russian economy remain domestic risks, however, noted that the most significant external risks is the threat of falling world oil prices.

“Key risks for the Russian economy is still internal. However, external risks exist. The uncertainty in the dynamics of global growth will exist, and we must be ready for it. If we talk about specific external risks the main channel of influence of these risks is, of course, through the oil prices”, — she said.

In June at the XXV International financial Congress, the CB head stated that in the long term, energy-saving technologies will have an impact on oil prices, and predicted a quick return to high oil prices is not expected. “We must learn to live in conditions of low prices for oil and gas”, — said Nabiullina.

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