Russia needs to keep monetary policy tight, cenbank says

Economy45 minutes ago (Nov 29, 2021 11:52)

© Reuters. FILE PHOTO: Elvira Nabiullina, Governor of Russian Central Bank, attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 3, 2021. REUTERS/Evgenia Novozhenina

MOSCOW (Reuters) – Russia’s central bank needs to maintain tight monetary policy in order to bring inflation down to its target of 4%, Governor Elvira Nabiullina said on Monday, ahead of the final rate-setting meeting of the year next month.

The central bank is widely expected to raise its key interest rate from 7.5% at its Dec. 17 meeting to rein in inflation, which spiked above 8% and shows little sign of slowing.

“Today inflation is really concerning us. It is twice as high as our 4% target,” Nabiullina said.

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