Central Bank rejects Turkish rate scenario for Russia

The Bank of Russia will not follow the Turkish scenario and raise the key rate sharply, the regulator’s governor Elvira Nabiullina said.

"Inflation there has accelerated to 80%, the annual rate is still around 70%, and the key rate has been very low for a long time, so in Turkey it had to be raised in fairly large steps," Nabiullina said.

But according to her, the situation in Russia is "in no way comparable to Turkey," so this option is not being considered.