The woman who tries to tell the truth of a reality in a country at war

Governor of the Central Bank of Russia Elvira Nabiullina stated that savings of Russian citizens and domestic sources of capital have become almost the only way to finance the economy, as Western sanctions blocked access to international markets.

Speaking at the Alfa Summit, Nabiullina recalled that before 2022, Russian companies had access to foreign sources of financing, including savings of citizens of Europe and the United States.

“Companies ours were able to use these funds with relatively low interest rates, because inflation and interest rates in the West were low,” she said.

According to her, the export-oriented sector in particular used such loans to increase the production of goods destined for foreign markets. However, after the imposition of sanctions, she emphasized, global sources of capital are no longer available to Russia.

“Today, world savings are inaccessible to us. Practically the only source of financing is Russian savings, with high inflation and high interest rates,” Nabiullina pointed out, according to The Moscow Times.

Nabiullina also warned of a serious labor shortage, stating that such a situation has not yet been recorded in modern history. Russia.

“The specificity of the current situation is the state of the labor market. In modern Russian history, we have never lived in conditions of such a labor shortage. This has never happened in modern history and affects the general economic situation,” she emphasized. /tesheshi

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Source: prizrenpost