July 13, 2017 / 6:43 AM / a month ago

Russia's c.bank head: Russia needs to focus on cyber risks, structural reforms

ST PETERSBURG, Russia, July 13 (Reuters) - Russia needs to prepare for new challenges for the Russian economy, kick-starting structural reforms for stronger economic growth and focusing on cyber risks, Central Bank Governor Elvira Nabiullina said on Thursday.

"The global economy is entering a new cycle of increasing cyber risks that endanger stability of financial systems and economic growth," Nabiullina said.

Speaking at an annual banking conference in St Petersburg, Nabiullina said Russia needs to "support new technologies" that would have a better protection from cyber risks.

Nabiullina also said that Russia, which would become more vulnerable to volatility on external markets, needs to stick to the free-floating rouble and proceed with structural reforms to pave the road for economic growth above 2017 levels that are seen at 1.3-1.8 percent. (reporting by Andrew Ostrouch; writing by Denis Pinchuk; editing by Polina Devitt)

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