UPDATE: Russian cbank chairwoman sees no quick return of high oil prices

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ST. PETERSBURG, Jun 30 (PRIME) -- Russia should not rely on hopes that high oil prices will return soon, Central Bank Chairwoman Elvira Nabiullina said at an international financial congress on Thursday.

“I do not foresee a quick return to high oil prices, we will have to live in conditions of depressed oil prices. Furthermore, we must get rid of a habit of basing optimistic target forecasts on rising oil prices rather than on our own actions to restructure the economy,” Nabiullina said.

She also said that the central bank is consistently moving towards its goal of a 4% inflation in 2017.

The Russian economy and the ruble are still very dependent on oil quotations, but the reintroduction of a budget spending limit depending on oil prices would help keep inflation law and the ruble stable.

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