Russian governor Nabiullina warns of future hikes

Elvira Nabiullina
Bank of Russia governor, Elvira Nabiullina
Russian Federation Council

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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