Bank of Russia scraps easing pledge, setting policy adrift

Moscow

THE four words Russia's central bank didn't say have brought new intrigue to its monetary policy.

By omitting the phrase from June that it will be "ready to continue cutting" borrowing costs as inflation decelerates further, governor Elvira Nabiullina left economists searching for clues to the path of interest rates.

After a half-point cut to 11 per cent on Friday extended the easing cycle that began in Januar…