Oil price seen low for longer, Russian cbank to revise outlook

BOR, Moscow Region, Feb 11 (PRIME) -- Russia’s central bank is going to revise the oil price forecast because the prices are expected to stay low for longer, Chairwoman Elvira Nabiullina said Thursday during a meeting with representatives of banks.

“We’re going to revise our forecasts. We must in general assume that oil prices will remain at a quite low level for a long time and sure, the new wave of oil price reduction is exerting an additional pressure on inflation,” Nabiullina said.

She also said that inflation risks were increasing as far as the central bank was lowering the key rate to 11% from 17%, and she does not rule out making the monetary policy stricter in the future if the increased inflation risk persists.

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