November 22, 2017 / 7:48 AM / a year ago

Russian cenbank chief says rate to be cut gradually

MOSCOW, Nov 22 (Reuters) - The Russian central bank will continue to gradually reduce its key rate as inflation is close to the target, the bank’s governor, Elvira Nabiullina, told Russian lawmakers on Wednesday.

She said annual inflation is at 2.6 percent and is forecast to be 2.5-2.7 percent by the end of the year, below the target of 4 percent. Lower inflation was due to temporary factors such as higher oil prices and a record harvest.

Nabiullina also said that the central bank has almost finished exiting from its anticrisis measures, introduced in 2014 when the rouble slid sharply and the economy slowed, and plans to stop using special tools in the coming years.

The central bank has always said it may use special tools when needed to mitigate crisis situations. (Reporting by Elena Fabrichnaya; writing by Katya Golubkova; Editing by Christian Lowe)

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