Elvira Nabiullina: Russian economy continues growing for three quarters in a row

Russian economy continues growing for three quarters in a row already, Chairperson of the Bank of Russia Elvira Nabiullina said on Monday.

"Monetary instruments we have used contributed to return of the economy to positive growth rates. According to the estimate of the Central Bank, the economy is growing for three quarters already on a quarterly basis," she said.

The role of non-banking financial institutions in Russia will grow as the economy makes a transition to an investment model: 

"The banking sector is many times larger than the non-banking sector - insurance companies, private pension funds, etc. Nevertheless, we believe these financial institutions are highly important and their role will only grow in the course of our implementation of an investment model of development," the banker said.