SOCHI, September 2 (Itar-Tass) —— The Bank of Russia plans to reach a level of inflation of 4-5 percent by the end of 2014, CBR First Deputy President Alexei Ulyukayev told an international banking forum in Sochi on Friday.
He said now the Central Bank was working on monetary policy guidelines.
"We are focused on an inflation rate target of 4-5 percent to be met in three years from now," he said, reaffirming the seven-percent inflation forecast for 2011.
"I confirm this year’s inflation of 7 percent. In the third quarter of 2011, according to our estimates, inflation will be within 0.3-0.4 percent, 0.5 percent at the most. But I think it will be less," he said.