ST. PETERSBURG, July 1. /TASS/. The growth of investments over the past three years by a third has not yet influenced the increase in labor productivity, Central Bank chief Elvira Nabiullina said at the Financial Congress of the Bank of Russia.

"Over the past three years, our investments have increased by about a third. We do not yet see that this resulted in an increase in labor productivity, we lagged behind the leaders and continue lagging behind," she said.

Nabiullina also raised the issue of the availability of long-term financing in the context of a high key rate.

"Sometimes it is said that it is the high key rate that hinders the growth of investment in technology and the growth of labor productivity. In my opinion, the factor of resource allocation is more important, but investment is also important. How can you buy robots, machine tools, if there is no cheap money," the Central Bank chief said.