Russian Central Bank Governor Elvira Nabiullina said on Thursday that the Russian economy "deviated significantly from the baseline scenario." She said the central bank will update its forecast in July to reflect the incoming data.
Nabiullina added that inflationary risks have "not only increased but have also been realized." She said the main topic of discussion at the July monetary policy meeting will be a further interest rate hike to combat the rising prices. However, she said the bank does not expect an increase in defaults either in corporate or household lending.
