The Russian central bank has ruled out joining its global counterparts with a massive bond-buying despite the country sliding into a recession this year.
Speaking at a banking conference in Moscow, Russian Central Bank Chair Elvira Nabiullina said that a quantitative easing (QE) package wouldn't be applicable for the country and would increase inflation and heighten capital outflows, according to the Dow Jones news agency.
The country is due to post negative gross domestic product (GDP) growth of around 4 percent in the coming year. Russia has been hit hard by the dramatic fall in oil prices and international economic sanctions following its intervention last year in Ukraine. The Russian ruble has experienced a major selloff due to the economic concerns and was one of the worst-performing currencies of 2014 despite emergency measures by the country's central bank.
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The bank has produced several rate cuts this year and has also performed market interventions by selling its U.S. dollar reserves in the hope of boosting the price of the ruble against the greenback.