President of the Russian Central Bank Elvira Nabiullina said today that the rising key rate will affect the currency market in the future. She explained that regular interventions had been stopped and a floating rate adopted, discouraging speculators from undermining the Bank of Russia on the currency market.
The banker emphasized that the new key rate was set to reduce inflation and inflation expectations, simultaneously affecting the currency market. The ruble rate will need time to regain its value, Nabiullina assumes.
