this was stated by the head of the Bank of Russia Elvira Nabiullina at the conference. Due to the rapidly changing situation on the financial markets and the rapid reaction of the Central Bank Nabiullina at her for some time to talk about what’s happening each week. The exact numbers and statistics on the online conference, apparently, will not, it is primarily about the General vision of the situation of a regulator in Economics and Finance.
the Scammers use the interest of borrowers to the loan holidays
One major Central Bank – the cost of a month of quarantine for the economy. While outside declared all of April, but, as the President said Vladimir Putin, the timing can be adjusted depending on the situation. According to Nabiullina, the experience of other countries shows that it is a month of quarantine in the whole country could cost the economy about 1.5-2% of annual GDP. However, the combined effect will depend on how long the restrictive measures, said the head of the Central Bank. The situation is unique in that there is unprecedented supply shock (suspension of work due to the epidemic) and demand shock (in humans decreased revenues due to downtime or loss of employment). This combination of factors may slow recovery.
In the baseline scenario, the Central Bank believes that the main negative effects of the economic downturn will be concentrated within the II quarter. In the second half of 2020, when the restrictive measures will soften, the economy will return to normal functioning, counting Elvira.
the Second important the assessment of the Central Bank, – the dynamics of inflation. According to Nabiullina, the rise in consumer prices is expected to accelerate, but inflation is yet still well below the Central Bank target of 4%. The surge in inflation is likely to be short-lived, and then it will smooth out the effects of a constraint demand. If the situation develops by this scenario, the Bank of Russia is ready to continue lowering the key rate in 2020 (currently 6%) – were to choose the right moment, said Nabiullina. Given that the head of the Central Bank, in contrast to the press conference a month ago, said nothing about a possible rate increase, the regulator is clearly determined its future trajectory. The lowering of the key rate assuming that the financial market is stable, also affects the decrease in Bank interest on loans and deposits. While Deposit rates remain attractive, said Nabiullina. Controlling inflation in the given framework, the Central Bank does not depreciate savings, she added.
Sberbank explained the rules of granting of credit vacation
But while financial market reeling from the coronavirus, the task of government policy, including Central Bank in these circumstances, to restrain the negative effects for people and business: to allow the economy as quickly as possible after removing the restrictions to return to normal, and people – to survive this situation with minimal losses, said Elvira.
One of the key measures to support the right to vacation credit. The act started to operate from 3 April and today it publishes “the Russian newspaper”. Vacation – guaranteed opportunity to obtain a deferment on loan payments for six months if revenue for last month fell by more than 30% in comparison with the average monthly income for 2019, said Nabiullina. Method of calculating average monthly income for 2019, the government will release in the near future.
But that right you need to use consciously and balanced approach to when for vacations to go, said the head of the Central Bank. “Holidays are for six months and people can use them virtually any day until September 30, 2020. And the second time a vacation to take will not work. So it makes sense to use them only in case if the loss of income really does not allow you to repay the loan. Vacation is not forgiveness of debt and the deferred payment, transferred in the future,” said Elvira.
