Bank of Russia to complete shift to inflation targeting regime by 2015

Bank of Russia governor Elvira Nabiullina

The Bank of Russia is pressing ahead with its efforts to reign in consumer price inflation in Russia as a central piece of Russian economic policy, despite the imposition of sanctions against the country by some of its largest trading partners.

It plans to join the growing list of ‘inflation targeting' central banks next year and expects inflation, which could hit 7% by the end of this year, to fall to 4% by 2016 – even if current geopolitical tensions remain.

This target, described as "an ambit

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