Central Bank of Russia Governor Elvira Nabiullina said on Friday that the monetary easing cycle is over but added that they don’t yet have a timeline for a return to a neutral policy, as reported by Reuters.
“Inflation is expected to peak at around 5.5% in February and March,” Nabiullina further noted and added that they will start publishing key rate trajectory in April. “We will consider the time to return to a neutral policy when inflation steadies at 4%,” Nabiullina concluded.
Market reaction
The USD/RUB pair retreated modestly from daily highs after these comments and was last seen gaining 0.85% on a daily basis at 74.2570.
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