Central Bank: Russian banking system capable to finance economic growth

The Russian banking system is capable of financing economic growth, Chairperson of the Central Bank Elvira Nabiullina said on Monday, TASS reports.

"We managed to preserve population and companies’ confidence in the banking system. The banking system restored population’s deposits by increasing capital. Lending for the real sector of the economy does increase, though not highly, and it shows the banking system is capable to continue discharging its main function - financing the economic growth," Nabiullina said.

Elvira Nabiullina does not consider meeting of 4% inflation target to be a super-challenging task.

"The task for 2016 is to pursue the interest-rate policy aimed at reaching 4% inflation by the end of 2017. We’re trying to reach it at any cost… We consider the policy of reaching 4% inflation as part of the general economic policy aimed at creating background for economic growth. Nevertheless, 4% inflation is not a super-challenging task," Nabiullina said.