Nabiullina comments on Russian economy situation

The Russian economy is now developing closer to the upper bound of the Central Bank's 2023 forecast range of 0.5%-2% GDP growth, Central Bank Governor Elvira Nabiullina said on the sidelines of the St. Petersburg International Economic Forum.

"The economy really is adapting more quickly. Now, according to our assessment, the GDP trend is better than the central point of our forecast of +0.5-2% suggests," Nabiullina said.

"Slightly higher, in the upper half of our forecast range," she said.

The Central Bank will publish an updated forecast after its July 21 board meeting. "How much we adjust the forecast depends on the data and the analysis that our specialists will carry out. We will do this by the next meeting on the key rate," Nabiullina noted.