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Bank of Russia scraps easing pledge, setting policy adrift

Deepening recession, risks to inflation and rouble are pulling central bank in different directions

While the central bank last week suspended the operations to rebuild reserves, the rouble resumed losses and ended down more than 3% on Friday, plunging to its weakest level since March.


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...

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