CBR's Nabiullina: No plans to have negative rates on rouble deposits

Central Bank of Russia (CBR) chief Elvira Nabiullina noted on Friday that they have no plans to have negative rates on rouble deposits.

"We always take into account the risk of sanctions against Russia," Nabiullina added and said that they are aware of risks tied to a potential second coronavirus wave. "We have enough gold for reserves to be diversified. Recovery in economic activity should be the main driver for an increase in real incomes."

Market reaction

The USD/RUB continues to cling to daily gains following these comments and was last seen gaining 0.6% on the day at 71.8780.