President of the Bank of Russia, Elvira Nabiullina estimated on Friday, following a meeting of the board of directors, that the inflation in Russia is likely to peak at the end of 2022 in annual terms.
Nabiullina shared that the inflation in the country has been stabilizing in the past two weeks, adding that "annual inflation in Russia for the next 12 months will be in the range of 10 to 12%." She further continued by saying that the monetary conditions "remain tight", stating, however, that the "key rate cut will somewhat smooth the situation."
The head of the Bank of Russia underlined that "price stability remains [Russia's] unconditional priority." Nabiullina also said that the bank might be able to use legal protection measures to unfreeze the reserves of the Russian Federation.
