Russia's central bank will call in emergency loans in order to reduce pressure on the rouble and "rein in inflation", it has been reported.

The bank wants to curb Russia's budget deficit with the move by directing the funds back to the government, according to Bloomberg.

"There's still plenty of government money in the banks," Clemens Grafe, chief economist at the Moscow branch of financial services firm UBS AG, told the news provider.

"That's basically how they get the roubles. They don't have to print them, they just take the money back from the banks."

Grafe pointed out that the central bank has lent Russian institutions an approximate total of 4.2 trillion roubles to counter the impact of the credit crisis.

Market analysts have noted that Russia's central bank has not been able to cut interest rates because of inflation in excess of ten per cent.

However, repayment of the bank loans will mean the country does not have to turn to quantitative easing – the printing of money – which could spur inflation.

UBS estimates that, as rising oil prices strengthen the rouble, there will be sufficient demand for the currency.