Nabiullina: state companies are getting more and more loans, but the Central Bank sees no productivity growth

Nabiullina: state companies are getting more and more loans, but the Central Bank sees no productivity growth

At the Bank of Russia's Financial Congress, Central Bank Governor Elvira Nabiullina said that there is an "enormous productivity gap" in the Russian economy: there are efficient enterprises with high productivity, but at the same time companies continue to operate that "pull resources onto themselves with lower returns."

Nabiullina explained that over three years the volume of loans to companies grew by 38 trillion rubles, while "the money goes first of all where state support goes or where the state is present." According to her, a more efficient allocation of resources could contribute more to productivity growth than investment.

She added that the share of loans to large state-owned companies grew from 20% to 35%. At the same time, according to Nabiullina, overall loans to companies grew by 11 trillion rubles last year, of which 4 trillion rubles went to the largest state-owned companies.

About half of enterprises say they have a labor shortage. That is, they see demand, they are ready to expand production, but they do not have enough resources. That means these resources are locked up somewhere It is very important to ensure the flow of resources into efficient sectors,

Nabiullina said.

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