Russia's central bank chief: rate to be cut gradually

Russia's central bank chief: rate to be cut gradually

Russia's central bank will continue to gradually reduce its key rate as inflation is close to the target, the bank’s governor, Elvira Nabiullina, said.

According to her, annual inflation is at 2.6% and is forecast to be 2.5-2.7% by the end of the year, below the target of 4%. Lower inflation was due to temporary factors such as higher oil prices and a record harvest, the bank’s governor explained.

Nabiullina also said that the central bank has almost finished exiting from its anticrisis measures, introduced in 2014 when the rouble slid sharply and the economy slowed, and plans to stop using special tools in the coming years, Reuters reported.

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