Oil prices may stay low for longer – CBR’s Nabiullina

At her meeting with bankers today, the Chief of the Central Bank of Russia Elvira Nabiullina has argued that crude oil prices may remain in low levels for a longer period, adding further pressure to domestic inflation.

Nabiullina has expressed her concerns over the high volatility of RUB, expecting some stabilization once oil prices stabilize. She almost discarded the idea of spending reserves in order to support the ruble.