Under current conditions, it is necessary to rethink the value of exports, reorient production to the domestic market, and increase the degree of processing, according to Elvira Nabiullina, Chairman of the Bank of Russia.

“We, as a country, are currently losing from participation in the international division of labor, because our exports are discounted and imports are at a premium. And in these conditions, of course, in my opinion, we need to rethink, something that we also talked about but did not promote – the benefits of exports,” Nabiullina said at the St. Petersburg International Economic Forum. “It has always been considered that exports are such our self-value, we have foreign currency earnings coming into the country,” the Central Bank head said. She noted that if the funds from exports are not used to buy imported goods, then the role of exports should be reconsidered.

“We need to rethink and finally think that a significant part of production should work for the domestic market, more degree of processing, more creation of final products,” Nabiullina said. She noted that the current conditions are difficult, with a high degree of uncertainty. In such a rapidly changing situation, the main thing, according to the head of the Central Bank, is to be flexible and respond quickly.

It is obvious to everyone that it will no longer be like before, Nabiullina added. “External conditions have really changed for a long time, if not forever, meaningfully changed,” she said.