Nabiullina: Bringing down inflation still Bank of Russia’s main concern
Central bank governor tells parliament inflation is still the ‘priority task’
Elvira Nabiullina insists the Bank of Russia's main objective is to bring down inflation from its double-digit level, despite the central bank's decision to rebuild its foreign exchange reserves.
In the wake of the oil price shock last year, the Bank of Russia intervened heavily in foreign exchange markets to prop up the value of the ruble. Its reserves, around $500 billion at the start of 2014, dropped to $357 billion last month.
It will now buy between $100 million and $200 million a day
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