Russia needs to keep monetary policy tight, cenbank says

MOSCOW - Russia's central bank needs to maintain tight monetary policy in order to bring inflation down to its target of 4%, Governor Elvira Nabiullina said on Monday, ahead of the final rate-setting meeting of the year next month.

The central bank is widely expected to raise its key interest rate from 7.5% at its Dec. 17 meeting to rein in inflation, which spiked above 8% and shows little sign of slowing.

"Today inflation is really concerning us. It is twice as high as our 4% target," Nabiullina said.