Central bank says current monetary policy efficient

ST. PETERSBURG, Jul 6 (PRIME) -- Russia’s central bank thinks that the current monetary policy is efficient during the calm times and during structural transformation of the economy, Chairwoman Elvira Nabiullina said on Thursday during the regulator’s Financial Congress.

“We come to the conclusion that the regime of the monetary policy, including inflation targeting and the floating rate demonstrates its efficiency during the calm times, during the periods of shocks, and during the period of structural transformation through which we are going right now,” she said.

The ruble is falling because Russia’s foreign trade is skewed towards imports and the fall bears pro-inflationary risks, she said.

“Dynamics of the exchange rate bear pro-inflationary risks, and we will take this into account while making a decision on the key rate,” Nabiullina said.

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