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Investing.com -- On Friday, Elvira Nabiullina, the Governor of the Russian Central Bank, announced that the bank’s key rate would remain at 21%. This decision aligns with prior market expectations.
During her address, Nabiullina stated, "We had a broad consensus to keep the rate on hold. We discussed, rather, the nuances of the signal." She further explained that the bank had previously identified certain triggers that would allow a discussion on reducing the key rate. However, these discussions would take into account a variety of factors and trends.
The primary focus of these considerations, according to Nabiullina, is a consistent decrease in current inflation and inflation expectations. She also mentioned that the bank has observed a deceleration in consumer activity and consumer lending, as well as eased tension in the labor market. The absence of pro-inflationary shocks from the budget or external conditions was also noted.
Nabiullina highlighted that while there is some evidence of momentum with these factors, more assurance is needed to confirm their sustainability. She concluded by noting that many processes seem more stable compared to the last rate-setting meeting.
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