DIRECT SPEECH – Press conference of the head of CBR Elvira Nabiullina

MOSCOW, July 21 (Reuters) – At its meeting on Friday, Russia’s central bank decided to keep its key interest rate unchanged at 7.50%, but tightened the signal slightly.

Below are the statements of the head of the Central Bank of the Russian Federation Elvira Nabiullina and the vice-president of the Central Bank of Russia Alexei Zabotkin at the press conference after the meeting of the Board of Directors:

ABOUT FURTHER RATE INCREASES We gave a signal that we allow the possibility of raising the rate at the next meetings. If we look at our key rate forecast, it is also possible that the current rate hike will be sufficient at the lower end, but in our view a rate hike at the next meetings is more likely. Last time we talked about the possibility of an interest rate hike. We needed more information. We now see that inflation, primarily in its stable components, is accelerating.

ABOUT RMB DEPOSITS Indeed, we are currently seeing the emergence of our citizens’ interest in keeping funds in yuan bank accounts, but so far this practice is not very common, while yuan deposits account for about one percent of the total amount of individuals’ funds in the bank. (Moscow office)