The head of the Bank of Russia Elvira Nabiullina has expressed confidence that the financial system and overall economy have adapted to low oil prices.
“Our calculations show that, even if it will be the scenario with the low price of oil, it is clear that this negative impact on economic growth, but no disaster will not happen” she said on Sunday at a seminar-meeting of “United Russia”.
According to TASS, Nabiullina admitted the scenario in which oil will cost $25 per barrel.
In September, the head of the Central Bank called the main problem for the Russian economy’s risks, and among the most significant external risks mentioned the risk of a decline in world oil prices.
In June at the XXV International Congress financial Nabiullina expressed the view that in the long term, energy-saving technologies will have an impact on oil prices and that a quick return to high oil prices is not expected. “We must learn to live in conditions of low prices for oil and gas”, — concluded the Chairman of the Central Bank.
Earlier, the IMF conducted stress tests of the Bank of Russia, the results of which predicted that 12 of the largest Russian banks in 2016 risk losing 3.4 trillion rubles, if oil prices falls to $25 per barrel.
In turn, the Central Bank Chairman noted that the stress tests of the banking system showed its ability to withstand oil prices at $25 per barrel is better than six months ago.
