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Russian Central Bank to keep inflation target for 2014 unchanged

August 24, 2014, 18:04 UTC+3 MOSCOW
The Russian Central Bank’s monetary policy guidelines set the inflation target at 5% in 2014, 4.5% in 2015 and 4% in 2016
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© ITAR-TASS / Sergei Zhitomirskii

MOSCOW, August 24 /ITAR-TASS/. The Russian Central Bank does not intend to change its inflation target for 2014 and will specify its inflation forecast and submit it in September, the Central Bank chief said on Sunday.

“We’ll specify the forecast in September. I’m not saying exactly whether we’ll review it or not. But we are not going to change our target. Our forecast may exceed the target,” she said.

The Central Bank is going to explain why an inflation forecast will be above the target level, Nabiullina said.

The Russian Central Bank’s monetary policy guidelines set the inflation target at 5% in 2014, 4.5% in 2015 and 4% in 2016, with the permissible inflation deviation by no more than 1.5 percentage points from the targeted level.

The Russian Central Bank announced on August 12 it was specifying its forecasts in the wake of western sanctions and Russia’s food embargo as a countermeasure and would present them on September 12.

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