“Elvira Nabiullina actually summed up the exit from the crisis” – Kommersant

The sharp decline in the key rate is risky because of high inflation expectations. This was stated by the head of the Central Bank, Elvira Nabiullina, speaking at the International Banking Congress. The correspondent of the publishing house “Kommersant” said Dementieva, Svetlana pobdrobnosti leading “Kommersant FM” Alexei Korneev. She is now at the International Banking Congress.

According to the chairman of the Central Bank, a substantial easing of monetary policy may lead to a new wave of destabilization the foreign exchange market and a jump in inflation. The head of the regulator noted that the growth of prices in Russia will continue to slow down. The medium-term inflation target of 4% per annum.

– What other statements were made by Ms. Nabiullina, including about monetary policy?

– In a statement, Ms Nabiullina actually summed up the recovery from the crisis, and the text of the statements boiled down to the fact that although the situation in the economy and the financial sector of the country is gradually returning to normal, complacent until early. According to Ms Nabiullina, currently it is the so-called period of adaptation, that is, on the one hand, the results of combating the crisis were better than expected, on the other hand, the crisis is not completely over. It turns out that inflation is gradually decreasing, the capitalization of the banking sector increased, as lending is recovering, but the risks in the system essentially remained the same. According to Mrs. Nabiullina, Russia two perspectives: positive – if we can restructure the economy, focusing on the manufacturing sector and the service sector with a significant increase in productivity, and the second – if everything remains as it is, which risks sliding into a new countercyclical crisis.

– As the head of the Central Bank described the general situation in the banking sector? With lending which profits from the banks, which issues from the banks, and so on?

– results of the bank were announced in the last review of the banking sector. Lending gradually begins to grow, including by increasing the capitalization of banks via OFZ issue them the Deposit Insurance Agency. There are still problems of suspicious transactions as said Ms. Nabiullina, with the Central Bank will continue to fight them, including through the introduction of bankers in the black base in order to avoid repetition of these operations with other credit institutions.

Another problem – this is false reporting. As I said the head of the Central Bank, the Bank of Russia has already begun to use their new powers to law enforcement agencies in handling allegations of involvement of bankers criminally liable for special new paper. And, accordingly, another problem of the banking sector – a low-quality assets, and in fact, the Central Bank does not intend to fight as before, with a more complex operational proof of problematic situations, and more primitive way in terms of more rapid detection.

– It is known that Elvira spoke against the introduction of the private deposit insurance in banks, a curious statement that it had in mind at all?

– she spoke not against the introduction of private insurance contributions to the bank, she opposed the introduction of the franchise. Franchise – when responsibility for the selection of the bank bears, including their money and the investor, ie it receives, for example, contributions without interest if the bank license revoked. Ms Nabiullina said that neither she nor the Central Bank does not support this view, and they believe that the fight with serial, in the words of Mr. Gref, investors need by strengthening supervision of banks. In particular, on July 1, will take effect the norm of the legislation, according to which banks are greatly overstates the rate will pay higher contributions to the Deposit Insurance Fund.

– Returning by the most International Banking Congress as a representative, he this year?

– He just started, not all participants still arrived. He was governor of St. Petersburg, Mr. Poltavchenko, who spoke with a welcoming speech, Ms Nabiullina itself and its first and deputy first. From the bankers until some famous people I have not seen, but only the beginning, and maybe they will approach later, in particular such as the promised visit of Mr. Kostin, head of VTB.