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Russia’s Central Bank expects sanctions impact on domestic economy to weaken in 2015-2017

November 10, 2014, 11:30 UTC+3
Russian economy will be stable even if the oil price will remain at the level of $80 per barrel in 2015-2017, Central Bank of Russia First Deputy Chairman Ksenia Yudayeva said
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© TASS/Artiom Korotaev

MOSCOW, November 10. /TASS/. The Central Bank of Russia expects the impact of Western sanctions on the domestic economy to weaken gradually in 2015-2017, according to the regulator’s specified monetary policy guidelines for the next three years published on Monday.

Over this period, Russian banks will be able to adapt to changes in external conditions and gain access to Asian capital markets and also refocus on internal borrowing sources, according to the regulator's specified monetary policy guidelines.

Russian economy will be stable even if the oil price will remain at the level of $80 per barrel in 2015-2017 and mutual sanctions will not be cancelled, Central Bank of Russia First Deputy Chairman Ksenia Yudayeva said.

Russia’s Central Bank raised its forecast on capital outflow in 2014 to $128 billion from $90 billion, according to the regulator’s specified monetary policy guidelines for 2015-2017.

The Central Bank of Russia has downgraded its GDP growth forecast for 2015 from 1% to zero, according to the report. The regulator also worsened its inflation forecast for next year to 6.2-6.4% from 4.5-5%.

The Central Bank downgraded its forecast on the average price of Urals crude blend in 2015 to $95 from $104.8 per barrel.

Infographics Countries with the most favorable conditions for doing business Countries with the most favorable conditions for doing business
World Bank Group published a new Doing Business Report, assessing the simplicity of running business in 189 countries based on several factors. Infographics by TASS
No plans to restrict free flow of money

However, Russia’s authorities are not planning to restrict free flow of money in the country, Russian President Vladimir Putin said on Monday at the Business summit of Asia-Pacific Economic Cooperation (APEC).

The president noted that the Russian authorities pay great attention to building favorable business environment and introducing better practices to cooperate with investors on a regional and municipal level.

“The most important thing is that businessmen and investors, including foreign ones, mark positive changes themselves,” Putin said, reminding that Russia has recently improved its positions in a Doing Business ratings.

Russia rose by 30 positions in a new Doing Business ranking of the World Bank (WB), taking the 62nd place. The WB rating assesses the comfort of doing business in 189 countries around the world.

The president stressed that for attracting investors and decreasing their risks, as well as for co-funding projects there are plans to use development institutions and part of reserves in sovereign funds.

Putin said the development of a mechanism for project financing, aimed at supporting major long-term projects, is entering its final stage. “Next year, the pre-banking financing of enterprises will be carried out by a new structure, the Industry Development Fund,” he said.

The main goal of the new institution, formed on the basis of the Russian Foundation for Technological Development, is to grant loans on the stage of pre-banking financing of industrial enterprises.

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