The Russian economy will take several quarters to recover from the pandemic, Governor of the Bank of Russia Elvira Nabiullina said.
According to her, the coronavirus disrupted the normal life. Moreover, the effects of the virus have not disappeared immediately after the lockdown restrictions were relaxed. All trajectories of economic development have shifted.
Elvira Nabiullina emphasized that the Bank of Russia is optimistic about the future. Russia is entering the recovery period, she said, quoted by Izvestia.
The Central Bank Governor also said that the current inflation allows the regulator to relax its monetary policy. The monetary policy can be relaxed even further; the Bank of Russia can reduce its key rate in the near future, Izvestia writes.