October 18, 2019 / 9:04 AM / a month ago

Inflationary risks have not materialised, Russian central banker says

WASHINGTON, Oct 18 (Reuters) - The threat of accelerating consumer inflation in Russia that the central bank had worried about has not materialised, the central bank’s governor said in Washington on Thursday.

One week before the central bank’s rate-setting meeting, Elvira Nabiullina has sent several signals suggesting the bank might cut its key rate from the current 7%.

“Pro-inflationary risks have not materialised,” Nabiullina told reporters on the sidelines of annual meetings of the International Monetary Fund the World Bank in Washington D.C.

“It is very important for us that there is no steady and substantial deviation in our inflation forecast from our target.”

The Russian central bank aims to keep consumer inflation, its main responsibility, at an annual 4%. Nabiullina has said the Bank of Russia can lower its key rate further and faster than the gradual reductions of recent months. The next rate-setting meeting is Oct. 25. (Reporting by Megan Davies in Washington, writing by Andrey Ostroukh in Moscow, editing by Larry King)

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