Recent Ruble Appreciation to Contribute to Inflation Slowdown – Central Bank

The recent strengthening of Russia’s national currency will contribute to the inflation slowdown in the months to come, according to Russian Central Bank.

MOSCOW (Sputnik) — The recent strengthening of Russia’s national currency will contribute to the inflation slowdown in the country in the months to come, Russian Central Bank said in a Monetary Policy Report published Friday.

“Despite the increase of currency volatility … in November, in general the ruble strengthened during the fall, which will contribute to the inflation slowdown in the short term,” the report said.

The bank added that in September and October the ruble currency strengthened due to growing oil prices, while in November it began to weaken in light of an unstable situation on global markets.

Earlier in the day, Bank Governor Elvira Nabiullina said that inflation in Russia would stand at 5.4-5.8 percent in 2016.

According to the Central Bank statistics, the exchange rate of the Russian national currency amounted to some 67 rubles per dollar in the summer while in October it dropped to 62 rubles.