The new restrictions introduced in Russia in connection with the spread of COVID-19 will not have a significant impact on the country’s economy. This was announced on Friday, October 22, by the head of the Central Bank of Russia Elvira Nabiullina.
“The announced restrictions will have a small, limited impact. Much will depend on how the epidemiological situation develops further, what measures will be taken. The health of people is the main priority, ”she stressed during a press conference following the meeting of the board of directors.
According to the head of the regulator, the Central Bank assesses the imposed restrictions as pro-inflationary. At the same time, the main negative effect will be on industries that are directly dependent on restrictions, primarily on the service sector.
Earlier that day, First Deputy Prime Minister Andrei Belousov held a meeting with banks on the introduction of anti-crisis measures to support businesses amid the spread of the coronavirus.
At a meeting with the participation of the Ministry of Economic Development, the Ministry of Finance, the Federal Tax Service (FTS) and the Bank of Russia, the parties discussed the launch of the second stage of the FOT 3.0 concessional lending program. It is noted that from November to December 2021, 30 Russian banks will resume issuing concessional loans for SMEs and SONCOs at a rate of 3% per annum.
On October 20, Russian President Vladimir Putin signed a decree on the introduction of non-working days in the country from October 30 to November 7 with the preservation of wages. At the same time, the regions can, if necessary, introduce non-working days from October 23 and extend them after November 7.
Putin also instructed to provide support to the regions with personnel and medicines, as well as provide measures to support business.
A day later, Moscow Mayor Sergei Sobyanin signed a decree on non-working days from October 28 to November 7. For this period, the work of all enterprises and organizations in the sphere of trade, services, catering, sports, culture, recreation and entertainment in the city will be suspended in the capital, with the exception of those that ensure the functioning of the city infrastructure, as well as enterprises of a continuous cycle and some others.