Russian Central Bank Has No Plans to Stimulate Growth by Printing More Money

SOCHI (Sputnik) - The Central Bank of Russia is often asked to inject money into the economy, but it would only hamper growth, the bank's head, Elvira Nabiullina, said Friday.

"The Central Bank has many ways to influence the economic growth. We often hear accusations that the Central Bank does not have an economy growth target, that the Central Bank does not think about the economy growth. In fact, this is not true at all. Our ultimate goal in all fields is to support the economy growth and people's well-being", Nabiullina said at a banking forum in Sochi.

Banknotes and coins of Russia

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"When they accuse us of this, they usually reproach us for not switching on the 'printing press' to support the economy growth. For us, switching on the 'printing press' and having exceedingly cheap money will not help the economy to grow, but will rather be in the way of economy growing", the head of the Central Bank said.

Earlier in September, the Russian Central Bank revised down its forecast for the GDP growth in 2019, 2020 and 2021.