Bank of Russia's Nabiullina: Monetary easing cycle is over

Central Bank of Russia Governor Elvira Nabiullina said on Friday that the monetary easing cycle is over but added that they don't yet have a timeline for a return to a neutral policy, as reported by Reuters.

"Inflation is expected to peak at around 5.5% in February and March," Nabiullina further noted and added that they will start publishing key rate trajectory in April. "We will consider the time to return to a neutral policy when inflation steadies at 4%," Nabiullina concluded.

Market reaction

The USD/RUB pair retreated modestly from daily highs after these comments and was last seen gaining 0.85% on a daily basis at 74.2570.