Russian central bank Deputy Governor Tulin out on the wires 16 May 2016
- most important thing is not to rush cutting key rate
- we can ensure stable exchange rate now due to the structure of economy
- we think we already have a stable key rate
- if there would be softer monetary policy then there would be stagnation with high inflation
Well at least they won't have to host the next Eurovision Song Contest.
- nothing abnormal in high real interest rates in Russia
- high real rates to restrain CPI, won't hurt real sector
- export growth can't be long-term drive for economy
- investment to be main factor for sustainable GDP growth
Meanwhile there's a little USD demand as North American traders down their coffee but still rather sedate.
USDJPY 108.92, GBPUSD 1.4367, EURUSD 1.1317,AUDUSD 0.7289, USDCAD 1.2911
