Russian governor Nabiullina warns of future hikes
Bank will raise rates if structural deficit rises, while labour market is “complicated”, governor says
The Bank of Russia’s board kept its key policy rate at 7.5% on April 28, but its governor warned it might tighten policy later this year.
Elvira Nabiullina said Russian firms were coping well with sanctions but that a “complicated” labour market was causing problems. In a detailed assessment of the Russian economy, Nabiullina said the central bank would raise rates again if the government’s structural deficit grew.
Russia’s year-on-year inflation fell to 3.5% in March from 11% in February, but
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