Russia's troublesome inflation rate will start to drop "abruptly" by the start of next year, the governor of Russia's central bank told CNBC, as the monetary authority's "tough" monetary policy starts to have the right effect.
Inflation in Russia stands at 15.7 percent, a far cry from the central bank's inflation target of 4 percent. The country's central bank kept interest rates at 11 percent in August in a bid to tackle the high rate, a controversial move for a bank to make while an economy is in recession.
Russian Central Bank Governor Elvira Nabiullina told CNBC this weekend that the bank needed to focus on cutting inflation, despite Russia's turbulent economy, which is expected to shrink 3.7 percent this year.
"The International Monetary Fund sees Russia's inflation rate to be higher than our forecasts, and it means that we should be more attentive to the inflation risks, because our task is to reduce inflation to achieve our goal of 4 percent by 2017," Nabiullina said, speaking to CNBC on the sidelines of the International Monetary Fund/World Bank's annual conference in Peru at the weekend.
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Inflation in Russia has been exacerbated by a raft of negative economic and political shocks that have largely put the country in the economic wilderness.