Central Bank Holds Interest Rates Steady

Elvira Nabiullina, the Governor of the Russian Central Bank, has announced that inflation is expected to begin decreasing by May. This statement came during a press conference in Moscow, following the decision to maintain the key interest rate at 21%.

Cautious Optimism Amidst Subsiding Pressures

While acknowledging the subsiding of inflationary pressures, Nabiullina emphasized the importance of maintaining a cautious approach. "We passed the peak in the fourth quarter... But the turning point and the transition to a decline in annual inflation, in our opinion, will occur in May," she stated.

Potential Temporary Uptick in July

The Governor also warned of a possible temporary increase in inflation during July, highlighting the unpredictable nature of economic recovery and the need for vigilance.