Russia cbank held rates because inflation above target - Nabiulllina
MOSCOW, Sept 13
MOSCOW, Sept 13 (Reuters) - Russia's central bank held interest rates on Friday because inflation is above target, Chairwoman Elvira Nabiullina said, emphasising the need to bring down inflation expectations.
Addressing a news conference, Nabiullina said that these expectations were presently stable, and not declining as the central bank wished.
Interest rates are also likely to be held next month if economic trends remained unchanged, Nabiullina said.
Russia's economic growth rate was likely to remain about 0.5 percentage points below its potential growth of 2-2.2.5 percent for the near future, Nabiullina said, with no increase expected in this output gap.
The central bank head described an overhaul of the bank's interest rate toolkit also announced on Friday as "important but planned", saying that this was part of the central bank's shift to a formal inflation targeting regime. (Reporting by Lidia Kelly; Writing by Jason Bush; Editing by Douglas Busvine)
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