"The latest figures on the situation of the economy shows the balance of risks remains mixed, leaning more on the side of the weakening of the economy, and not the increase in inflation," Nabiullina said during a press conference in Moscow.
She said the indexes for February in regard to business would continue to slump.
Russia's economy has experiencing an economic downturn since 2014. The slowdown has been caused by a global drop in oil prices, on which the Russian economy is heavily reliant. Western sanctions imposed against Russia over its alleged involvement in the Ukrainian crisis are another factor in the recent recession.
Since the summer of 2014, the ruble lost almost half of its value against dollar.
The Russian government unveiled an anti-crisis plan in January, aimed at stabilizing the country's economy by 2017.
