Bank of Russia holds rates

Nabiullina hints at significant fiscal change and says “inflationary pressure” remains

Elvira Nabiullina
Bank of Russia governor Elvira Nabiullina
Russian Federation Council

Russia’s central bank held its policy rate on April 26 but governor Elvira Nabiullina warned that the country’s wartime economy faced significant inflationary pressures.

The Bank of Russia’s monetary policy committee held the benchmark rate at 16% for its third consecutive meeting. Nabiullina’s statement avoided any direct mention of Russia’s invasion of Ukraine, but clearly dealt in guarded terms with the massive increase in wartime spending.

“The expansion of demand still outstrips the

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