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Russia’s Central Bank seeks to reduce inflation to 4% in medium term

March 27, 2014, 11:38 UTC+3 MOSCOW
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MOSCOW, March 27. /ITAR-TASS/. The Central Bank of Russia (CBR) seeks to reduce inflation rate to four percent in medium term, CBR Chair Elvira Nabiullina said at the Russian largest annual forum of professional financial community in the Russian capital on Thursday.

“Trust of investors mainly depends from maintaining macroeconomic stability in the country. This is very important not to take a risk in this situation even for taking additional measures of investment promotion...We should keep up stability in any conditions,” she said.

The CBR faces two tasks. The first task is to bring down inflation, as “we should reduce inflation rate to four percent in medium term”, Nabiullina noted. In the words of the CBR chair, the second important task is to shift to inflation targeting.

However, Elvira Nabiullina has forecast Russia’s inflation at 5-6% in 2014.

Russian Economic Development Minister Alexei Ulyukayev admitted that Russia’s inflation was growing.

“We believe that in the middle of the year it will exceed 7%,” he said. “Then it will take a descending trend. Most probably the inflation rate will be slightly more than 5%, but now I cannot give more exact figures." he added.

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