Head of Russian Central Bank: Pressure on Russian economy to persist for good

The pressure on the Russian economy may persist for a long time, or even for good, Elvira Nabiullina, the head of the Central Bank of the Russian Federation said, RIA Novosti reports.

The state of affairs in the Russian economy is not going to be as before, she said.

"We, as a country, are losing from participation in the international division of labor, because our exports are at a discount, and imports are at a premium,” she explained.

One needs to quickly respond to changes and be flexible, Nabiullina noted. In the course of the ongoing structural adjustment, the Russian economy may face technological degradation, although private initiative may play a role at this point, she added.

Against the backdrop of export restrictions, a significant part of the domestic production should work for the domestic market, the head of the russian Central Bank said.

In order to assess the picture in the Russian economy, it is not enough to look at the GDP indicator — one needs to take into account the well-being of the population, Nabiullina noted.