The Bank of Russia is not about to launch its own programme of quantitative easing (QE), governor Elvira Nabiullina said yesterday, although further rate cuts are likey.
The Association of Russian Banks, to whom Nabiullina was speaking, had previously called for the central bank to introduce QE to tackle the slump in the economy – despite inflation running at 16.9% in March.
This was not an option, the governor said. The interest rate remains the central bank's "main tool", she said, adding she
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