Russia Price Shock No Reason to Raise Rates, Nabiullina Says

Russia’s central bank is unlikely to reverse last month’s surprise interest rate cut as inflation is set to slow after it accelerated to the fastest in almost seven years, according to Governor Elvira Nabiullina.

The Bank of Russia will stick to its pledge to avoid currency interventions unless the ruble’s swings threaten financial stability, Nabiullina, 51, said in an interview with Bloomberg Television in Moscow on Saturday. The governor, who said she checks oil prices several times a day, doesn’t see a reason for another “massive” ruble decline.