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Nabiullina Warns of More Permanent Domestic Inflation Factors at IEF Forum

RUSSIA

Nabiullina comments RE inflation at the IEF Forum:

  • Nabiullina: "CBR monetary policy is still loose at the moment, but the return to a neutral policy has begun"
  • "I would like to clarify that we have not tightened monetary policy, it still remains loose for now, if you compare the level of the key rate and inflation that we have. We have begun to return to a neutral monetary policy"
  • Says the CBR operates somewhat differently than leading developed countries.
  • "The main difference is that both the Fed and ECB believe that inflation is temporary, a transition factor.
  • We believe that here inflation already has a significant share of persistent components"
  • CBR does not expect a jump in food prices after the end of the agreements, it will monitor the situation
  • Effect of food price regulation is very limited; CBR estimates its impact on inflation to be less than 1% - IFX
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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