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Russian economy deviates from base case scenario — Central Bank

According to regulator's Governor Elvira Nabiullina, discussions on the rate increase will be on the agenda in July

ST. PETERSBURG, July 4. /TASS/. The latest data reveal that the Russian economy has deviated significantly from the base case scenario, Governor of the Central Bank Elvira Nabiullina said at the Financial Congress of the Bank of Russia.

"[The latest] data show that we have significantly deviated from the base case scenario. We will update our forecast in July; proinflationary risks do not merely grow but also materialize. And, certainly, discussions on the rate increase will be on the agenda in July. I think the increment [for the key rate lifting] will be the main points for discussions," the governor said.

Inflation in annual terms accelerated in Russia from 8.61% to 9.22% on the week from June 25 to July 1, the Ministry of Economic Development said earlier.

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Central Bank of Russia

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