Central Bank's Nabiullina repeats monetary policy signal: rate hike possible if risks materialize

YEKATERINBURG. Feb 16 (Interfax) - The Central Bank of Russia's signal about the future course of monetary policy remains in effect: the rate could be increased if risks materialize.

"As for the decision in March [at the board meeting on monetary policy on March 17], we still have time, we will look at the trends, analyze them. But, as we sent a signaled last time, if financial risks materialize, then we will consider the advisability of raising the rate," Nabiullina told reporters in Yekaterinburg.

This year there is more likelihood of monetary tightening than easing, she said, recalling that this position is reflected in the regulator's updated forecast for the average rate.

The Central Bank held the key rate at its February 10 meeting but sent out a more hawkish policy signal. Rosstat's figures released after the meeting suggest that annual inflation had quickened somewhat to 11.8% by February 13, from 11.78% on February 6. Nabiullina did not comment on the latest weekly inflation figures. "What I would like to emphasize is that we do not draw any conclusions, changes in our estimate based on weekly data. We prefer to look at monthly data, which are for the wider basket, and trends," she said.