© Reuters. FILE PHOTO: Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov
(Reuters) – Russian central bank governor Elvira Nabiullina will not take questions from journalists after explaining this month’s monetary policy decision in an online presentation on Friday, the central bank said on Monday.
Nabiullina usually holds a news conference broadcast in Russian and English after the bank announces its interest rate decisions, although she did not do so when the key rate was more than doubled in an emergency move on Feb. 28.
The hike to 20% from 9.5% came as the rouble tumbled to record lows following the imposition of sanctions by Western countries on Russia after its invasion of Ukraine.
It was accompanied by other measures including some capital controls and an instruction to export-focused companies to sell 80% of their foreign currency revenues.
Nabiullina read out a statement explaining the moves in an online broadcast.
The central bank has yet to update its forecasts for inflation and growth in light of the Ukraine conflict and sanctions that have isolated Russia economically.
Moscow calls its actions in Ukraine a “special operation” to demilitarise and “denazify” its neighbour. Ukraine and Western allies call this a baseless pretext for a war of choice.
An independent survey of analysts requested by the central bank last week forecast inflation of 20% and an 8% economic contraction this year and predicted the key interest rate would average 18.9% in 2022.
Nabiullina, 58, has led the central bank since 2013, a year before Russia annexed the Crimean peninsula from Ukraine, triggering a first wave of western sanctions.
Her current term expires on June 24 and the rules say President Vladimir Putin must either nominate Nabiullina again or propose another candidate to the lower house of parliament no later than March 24.
The central bank is due to release its monthly key rate statement at 1030 GMT on March 18, followed by Nabiullina’s statement at 1200 GMT.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.