Nabiullina: the recent weakening of the ruble will affect the level of prices in Russia
The recent depreciation of the ruble against major currencies will affect the price level in Russia, Central Bank Chairman Elvira Nabiullina warned on the sidelines of the St. Petersburg International Economic Forum (SPIEF). Her words lead TASS.
She clarified that usually the weakening of the national currency leads to an acceleration of inflation in the next few months, but in the current situation, the impact on prices may be longer than before, due to the restructuring of the economy.
“The weakening of the exchange rate that has occurred, of course, will be transferred to prices, but the timing and scale of this transfer may differ from what we are used to due to the fact that the restructuring of the economy is underway, relative prices are changing, and so on,” predicted Nabiullina. She stressed that the Central Bank will monitor the situation and take it into account when making decisions on the key rate.
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