MOSCOW (Sputnik) — The Bank of Russia sees signs of recovery in the consumer activity in Russia, but the consumption growth should not be too fast to avoid bubbles, Elvira Nabiullina, the governor of the institution, said Wednesday.
"Now we are seeing signs [of recovery in the consumer activity] — a certain consumer confidence has appeared, the retail lending is growing, but the consumption should grow by the pace that would not result in the rise in inflation, in creation of bubbles. From our point of view, the rates of consumption growth should not be higher than the growth rates of the nominal incomes," Nabiullina said at the Russia Calling! investment forum in Moscow.
She added that it was necessary to stimulate the attraction of population's savings into the banking system.
