As stated on Friday, Maksym Lubomudrow, head of the supervision department at the Bank of Russia, losses already amount to 1.5 trillion rubles. That’s the equivalent of $ 25.5 billion.
However, the Kremlin enchants reality. The bank’s representative quickly added that this is an “acceptable” level of losses and that the government has plans to support Russian lenders during the crisis.
The losses of the banks are the result of the crisis caused in Russia by the sanctions imposed by Western countries.
However, official statistics show that inflation in Russia in August slowed to 14.3%. with 15.1 percent in July and 15.9 percent. in June and 17.1 percent. in May and 18 percent. in April.
However, economists of the Russian central bank are concerned about rising inflation expectations, loose fiscal policy of the government and a hot labor market. Concerns about inflationary risks outweighed previous concerns about a deep recession (which were the reason for the sharp rate cut in recent months).
In its last assessment, the central bank is quite optimistic about Russia’s economic prospects. It was assumed that this year GDP will fall in the upper range of 4-6%, which is less than previously expected. It added that Russian companies are increasingly adapting to operating under sanctions.