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Bank of Russia chief says structural changes in economy are accelerating

Elvira Nabiullina noted that any structural change meant that companies operating on old technologies were increasingly being pushed out of the market and replaced by new, more technologically advanced service providers

MOSCOW, April 1. /TASS/. Structural changes in the economy are accelerating, and banks must take this into account when provisioning for loans, Bank of Russia Governor Elvira Nabiullina said at the T-Bank TOLK forum.

"The platform economy is a major structural change. <…> We see that structural changes are accelerating. Industries that seemed absolutely stable may lose their niches, and therefore bankers need to recalculate. Taking structural changes into account, we are shaping regulation, understanding that depositors stand behind the banks," she said.

Nabiullina noted that any structural change means that companies operating on old technologies are increasingly being pushed out of the market and replaced by new, more technologically advanced service providers. She also added that the platform economy has already reshaped offline retail business.