Bank of Russia's Nabiullina: Economy to recover to pre-pandemic level by end-2021

Following the Central Bank of Russia's (CBR) decision to keep its policy rate unchanged at 4.25, CBR Governor Elvira Nabiullina said on Friday that she expects the Russian economy to recover to pre-pandemic levels by the end of the year. 

Increasing lending and vaccination against COVID-19 will help demand recover in the economy, Nabiullina added and noted that the weak rouble added 1% to inflation.

Market reaction

The USD/RUB pair showed no immediate reaction to these remarks and was last seen gaining nearly 1% on the day at 74.3295.