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Anti-Russian sanctions

Russian economy adjusts to changing conditions fast, says Central Bank’s department head

The Russian Central Bank expects GDP to contract by 8-10% in 2022, 0-3% in 2023, and to grow by 2.5-3.5% in 2024

ST. PETERSBURG, May 20. /TASS/. Russia’s economy adjusts to changing conditions fairly fast, head of the Central Bank’s Monetary Policy Department Kirill Tremasov told a conference on Friday, adding that the goals and principles of the regulator’s policy remain intact amid the current conditions.

"We conducted a survey throughout April, in May, and we see that the situation is getting slightly better with each survey. We ask companies about various problematic aspects, including rates, what problems they came across, on demand, on employment issues and so on. And we see that starting April the balance of responses on all those items has been gradually improving, which means the Russian economy has started adjusting to changing conditions fairly fast so far," he explained.

The goals and principles of the policy of the Bank of Russia remain intact amid the current conditions, Tremasov noted. "Despite the tectonic shifts underway in our economy, the goals and principles of the monetary policy remain unchanged. The price stability remains a priority," he said, adding that the targeted level of inflation is 4%.

The Russian Central Bank expects GDP to contract by 8-10% in 2022, 0-3% in 2023, and to grow by 2.5-3.5% in 2024.

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