Russia's Central Bank governor Elvira Nabiullina said that in mid-June the bank could revise higher its baseline scenario for oil in 2017 to trade at $40 a barrel.
"I think that oil price dynamic medium-term could be in the range from 40 to 50 dollars per barrel. And we will revise our forecast in mid-June and our forecast and our baseline scenario is $40 per barrel but maybe for this year we can revise it up. But I think once more again we should be very conservative in our monetary policy," Nabiullina suggested in an interview with CNBC.
"I think we should be cautious. We should be conservative and we should consider some inflationary risks," the governor of the Central Bank said, when asked about how stabilizing oil prices could affect the bank's benchmark rates.
She added that it was "very difficult" to predict the dynamic of oil prices for the longer term.
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