Central Bank of Russia Governor Elvira Nabiullina said Friday that the cycle of monetary easing is over, but added that they do not yet have a timetable to return to a neutral policy, as reported by Reuters. At today’s meeting the central bank kept the interest rate unchanged.
“Inflation is expected to peak at around 5.5% in February and March,” Nabiullina said, adding that they will begin publishing the trajectory of key rates in April.
He indicated that they will consider returning to a neutral policy when inflation stabilizes at 4%.
Market reaction
The USD / RUB pair extended to the downward correction following the statements. USD / RUB fell to 74.11, having traded close to 74.50 hours ago. However, the ruble is still among the worst performers.
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