Nabiullina says Central Bank's decision is not beginning of rate decline cycle

Nabiullina says Central Bank's decision is not beginning of rate decline cycle

The Russian Central Bank's decision to cut its interest rate cannot be called the beginning of a cycle of its decline, the chairperson of Russia’s Central Bank Elvira Nabiullina said.

"Confidence has risen that Russian inflation will meet the central bank's target of 4% by the end of 2017," she said at the press conference .

Nabiullina also said that, though the strengthening of the ruble in the second quarter restrained inflation, she did not expect the currency to influence inflation in the near term.

“Certainly there’s potential for decreasing rates. But the trajectory of rate decreases - when, by how much rates will fall - these decisions depend on how the economic situation will develop, whether or not new inflation risks will materialize or emerge,” Bloomberg cited her as saying.

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