MOSCOW, November 27. /TASS/. Monetary policy easing will not work in Russia as the ruble is not a reserve currency, Central Bank Deputy Chairman Vasily Pozdyshev said on Thursday.

Central Bank Chief Elvira Nabiullina said on Wednesday the regulator was ready to start monetary easing from the second half of 2015 in the absence of serious shocks.

Pozdyshev said, however, that “inflation risks of quantitative easing in a country with a non-reserve currency are excessively high.”

Meanwhile, Nabiullina said the following on Wednesday, “As soon as we see a steady trend towards slowing inflation and inflation expectations, we’ll be ready to ease monetary policy. In our estimates, that will be possible in the second half of 2015.”

But Nabiullina’s deputy believes that “quantitative easing measures work well in the economies with reserve currencies and therefore the central bank of such a country can afford to flood the economy with a large amount of money.”

According to Pozdyshev, the more money is issued in an economy with a non-reserve currency, the more funds will go into reserve currencies.

Nabiullina assumed the post of the Central Bank chief in June 2013. Before that, she worked as an aide to the Russian president and the economic development minister.

Russia’s Central Bank raised the key rate four times in 2014, from 5.5% to 9.5% amid soaring inflation and the rapidly depreciating national currency.