"Russia’s central bank will embrace new approaches to fostering economic growth, including by improving access to credit, Elvira Nabiullina said as she takes over the chairmanship from Sergey Ignatiev today.
“I would say the policy should be continuity, but taking into account new challenges,” Nabiullina, 49, said in an interview in her office in central Moscow before taking over at Bank Rossii. “Slowing economic growth is a reality that the central bank will need to consider.”
Weakening the ruble or succumbing to calls for lower interest rates as a quick fix to boost demand are “dangerous” options, Nabiullina said. The central bank is already contributing to the goal of promoting growth by reducing inflation and developing financial markets and shouldn’t cave in to “temporary changes or political factors” when making interest rate decisions, she said."
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