The Russian banking sector has managed to return to its former state, now it is time to think about development. This was stated by the Governor of the Central Bank of Russia Elvira Nabiullina at the Central Bank’s conference “Focus on the Customer”. TASS.
“Banks are doing well again, it’s time to think about development,” he said.
The head of the regulator emphasized that it is important “not only to make a profit here and now, but also to” create confidence in the market “and” long-term consumer loyalty.
According to Nabiullina, this is a necessary condition for the financial sustainability of companies and the industry.
Before that, Elvira Nabiullina said that every additional percentage of inflation for the year costs citizens of the country 600 billion rubles. According to him, raising interest rates and increasing deposit rates allows people to compensate for these losses due to inflation.
While the Central Bank of Russia increased its 2023 inflation forecast from 6-7 percent to 7-7.5 percent, it also determined the 2024 inflation forecast range as 4-4.5 percent instead of the previously expected 4 percent.
Formerly Central Bank of the Russian Federation raised Key rate up to 15% per annum.