Russia Holds Key Rate as Nabiullina Vows to Curb Inflation

Russia’s central bank held borrowing costs at a record high, with Governor Elvira Nabiullina reiterating that tight policy will remain in place until policymakers are confident inflation is returning to target.

“We will maintain tight monetary policy conditions for a lengthy period,” Nabiullina told reporters in Moscow on Friday after the Bank of Russia kept the key rate at 21% for a fourth meeting. There was a “broad consensus” among officials for holding the rate, she said.