Sept 1 - Russian central bank head Elvira Naibullina said on Friday that she did not rule out a further hike in interest rates to address continued inflationary risks, and said rates were more likely to shore up the rouble than tighter currency controls.
The government would prefer to see the rouble, which was on Friday trading at around 96.00 to the dollar at around 80-90. After raising rates last month, the central bank said inflation over the previous three months had averaged an annual 7.6%, on a seasonally adjusted basis, far above its 4% target, and that inflationary pressures continued to rise.Later, in a conversation with reporters, she said there was little chance of a rate cut at the Russian central bank's next policy meetings, and declined to rule out an increase, saying rates were also the better way to stabilise the rouble.
Russia has been forced into emergency measures to keep foreign trade and payments flowing and shore up the rouble since the West imposed sweeping economic and financial sanctions last year in response to its military campaign in Ukraine. But Nabiullina told reporters:"A return to mandatory sale of foreign currency earnings may not give the effect that is expected from it."
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