September 28, 2020

84% of Russian companies affected by COVID-19


The number of Russian companies that have been economically affected by COVID-19 grew in a week from 73% to 84%, declared the governor of the Central Bank of Russia (BCR), Elvira Nabiúlina.

“Our weekly survey of companies shows that 84% of companies – compared to 73% last week – feel firsthand the negative economic effects caused by the coronavirus, including the fall of the course of the ruble,” he said during his conference. weekly press release.

According to the official, the Central Bank takes measures to support Russian businessmen, especially small and medium-sized enterprises (SMEs), although she regretted that the system responds “very slowly.”

“We have received more than 900 applications amounting to 6 billion rubles (about $ 82 million); 234 applications have been approved so far, for a very small value of 76 million rubles (about one million dollars, “he said.

Despite this, the President of the Bank of Russia tried to convey a message of calm.

Although he admitted that “the situation in the global economy continued to deteriorate” throughout this week, he stressed that in the global financial markets “the situation was relatively stable”, something he explained with the “unprecedented measures” taken by governments and central banks of various countries.

“Virtually every country, including Russia, is seeing considerable growth in the equity markets,” he argued.

To this, Nabiúlina added the stabilization of oil prices in the context of the OPEC + negotiations, although she admitted that they remain low.

“The OPEC + agreement is aimed at reducing the risk of a further drop in oil prices as a consequence, among other things, of the full filling of warehouses in conditions of very low demand,” he explained.

In this sense, he stressed that the BCR traditionally starts from a “conservative forecast of the price of oil and its exports” when making decisions regarding financial and credit policy.

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