1 minute ago by Reuters1 minute ago by Reuters1 minute ago by Reuters1 Read (Reuters) – MOSCOW, June 30 (Reuters) – Governor Elvira Nabiullina said on Wednesday that the Russian central bank plans to hold a monetary policy review this year because the market development level used to forecast the 4 percent inflation target has changed over the last five years. Nabiullina said the central bank’s monetary policy response was needed to avoid an inflationary spiral in Russia, where the economy has already recovered to pre-pandemic levels, during an online financial conference. The central bank is largely expected to hike its key interest rate from 5.5 percent to 6.5 percent in July, as inflation, which is one of its main responsibilities, has risen above the 4% target. Elena Fabrichnaya, Andrey Ostroukh, and Alexander Marrow contributed reporting; Toby Chopra edited the piece.) Continue reading
