November 20, 2019 / 9:58 AM / 3 months ago

Russian central bank says budget policy to support GDP growth

FILE PHOTO: Elvira Nabiullina, Governor of Russian Central Bank, speaks during an interview in Moscow, Russia June 27, 2019. Picture taken June 27, 2019. REUTERS/Evgenia Novozhenina

MOSCOW (Reuters) - Russian Central Bank Governor Elvira Nabiullina said on Wednesday that budget policy could now help spur the economy after curbing its growth in the first half of the year.

“A delay in budget spending had a restraining influence on economic growth in the first half and contributed to a faster decline of the inflation rate. Now the budget policy turns from growth-restraining to being supportive of it,” Nabiullina said in parliament.

Nabiullina also said the central bank had diversified its reserves structure significantly to shield the economy from geopolitical risks.

Reporting by Elena Fabrichnaya; writing by Maria Kiselyova; Editing by Catherine Evans

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