Problems with cross-border settlements persist, holding back imports - Central Bank of Russia's Nabiullina

MOSCOW. Sept 13 (Interfax) - Problems with cross-border settlements persist and are holding back imports when they are in demand, Central Bank Governor Elvira Nabiullina said at a press conference.

She also said lower oil prices were a pro-inflationary factor for Russia.

"Importers are still having problems with cross-border payments, which, along with the key rate, is likely to be holding back import growth amid high domestic demand," Nabiullina said.

"Global economic growth is slowing, which is largely in line with our forecast. This is primarily due to industry, while the services sector is feeling more confident. Overall, the structure of global demand is becoming less energy-intensive. This might be limiting demand for our export goods. The current decline in oil prices is related to both the structure of global economic growth and expectations it will slow further," she said, commenting on the oil price situation.

"For Russia, these trends in the oil market are pro-inflationary. The decline in prices for key Russian goods led to a slight reduction in exports in July-August. Since imports remained at the same level, the foreign trade balance overall decreased," Nabiullina said, explaining how lower oil prices influence inflation in Russia.