CBR Governor Nabiullina: Further monetary policy decisions will be driven by assessment of external risks

Central Bank of Russia (CBR) Governor Elvira Nabiullina said on Monday that further monetary policy decisions from the central bank would be driven by assessments of external risks. Explaining the decision over the weekend to hike interest rates by 1050bps to 20.0%, Nabiullina said that our financial system and economy faces a non-standard situation. Going forward, the central bank will be very flexible in its decisions. 

Additional Remarks:

“High demand for cash has sent the banking sector into a structural deficit of liquidity.”

“The central bank sold $1B in the market on Thursday.”

“We did not carry out interventions on Monday due to new restrictions.”

“We are in constant contact with banks and are ready to support them.”