Russia’s central bank is unlikely to reverse last month’s surprise interest rate cut as inflation is set to slow after it accelerated to the fastest in almost seven years, according to Governor Elvira Nabiullina.

The Bank of Russia will stick to its pledge to avoid currency interventions unless the ruble’s swings threaten financial stability, Nabiullina, 51, said in an interview with Bloomberg Television in Moscow on Saturday. The governor, who said she checks oil prices several times a day, doesn’t see a reason for another “massive” ruble decline.

Almost two years into her tenure as the first woman to lead a Group of Eight central bank, Nabiullina is seeking a policy mix to address the world’s most volatile currency, a looming recession and the fastest inflation since 2008. She dismissed the idea that the unexpected easing in January, which followed an emergency rate increase six weeks earlier, may prompt another turnaround after prices soared last month.

“We don’t see serious, significant factors that may lead to further inflation growth,” Nabiullina said. “That’s why there’s no reason to talk about the inevitability of a rate increase.”

Derivative traders and analysts are both predicting more easing. The three-month MosPrime rate, which large Moscow banks say they charge one another for ruble deposits, may drop 86 basis points, or 0.86 percentage point, in the next three months, forward-rate agreements tracked by Bloomberg show. That compares with last year’s high of 430 basis points of increases seen Dec. 9.

The Bank of Russia’s next move will be another reduction, according to 30 of 33 economists surveyed by Bloomberg, with 70 percent forecasting the move by the end of April.