Softening the PREP too quickly can trigger the inflation flywheel again - Nabiullina

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Further decisions on the key rate will be made by the Central Bank in the most thorough manner, "verifying each step." This opinion was voiced by the head of the regulator, Elvira Nabiullina, speaking at the International Banking Forum.

- I want to confirm that we will move forward, carefully checking each step. The significant acceleration in credit growth that occurred in July and August, if it continues for several months in a row, is a clear signal that there has already been a noticeable easing of monetary conditions," Nabiullina said.

She stressed that too rapid easing of monetary conditions could restart the high inflation flywheel.