8 Jun 2011 14:24

Central Bank not to abandon inflationary targeting plans

MOSCOW. June 8 (Interfax) - The Central Bank of Russia foes not intend to abandon its transition to inflationary targeting, its chairman, Sergei Ignatyev, told reporters on the sidelines of a meeting of the Russian Union of Industrialists and Entrepreneurs (RUIE) executive bureau.

"We're not," Ignatyev said, when asked if the CB might abandon the switch to a freely floating ruble and inflationary targeting.

RUIE chief Alexander Shokhin said at the meeting that businesses did not welcome sharp fluctuations in the ruble's exchange rate.

The CB's Ignatyev also said the Central Bank did not plan to increase currency market interventions at present.