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Russia's cenbank plans to hold monetary policy review in 2021

MOSCOW, June 30 (Reuters) - The Russian central bank plans to hold a monetary policy review this year as the market development level that is used to envisage the 4% inflation target has somewhat changed over the past five years, Governor Elvira Nabiullina said on Wednesday.

Speaking at an online financial conference, Nabiullina said the central bank’s monetary policy response was needed to avoid an inflationary spiral in Russia where the economy has already recovered to a pre-pandemic level.

The central bank is widely expected to raise its key interest rate again in July from 5.5% as inflation, its key area of responsibility, has shot above the 4% target. (Reporting by Elena Fabrichnaya, Andrey Ostroukh and Alexander Marrow; Editing by Toby Chopra)

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