Nabiullina said the raising of the benchmark rate to a level not seen in Russia in over 20 years was proving effective in fighting inflation, currently running at 8.5%
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The Russian central bank may start cutting its benchmark interest rate, currently at 21%, next year, provided that there are no new shocks for the economy, governor Elvira Nabiullina said on Tuesday.
Nabiullina said the raising of the benchmark rate to a level not seen in Russia in over 20 years was proving effective in fighting inflation, currently running at 8.5%.
(Reporting by Elena Fabrichnaya, writing by Gleb Bryanski; Editing by Kevin Liffey)
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