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Key rate in Russia to go down to 4% soon — presidential aide

August 18, 2015, 9:09 UTC+3 VLADIMIR
Changing environment on the forex market and a crude oil price plunge may hinder it
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© ITAR-TASS/Natalya Medvedeva

VLADIMIR, August 17. /TASS/. The key interest rate will go down and may reach the target inflation level of 4%, Presidential aide Andrei Belousov said on Monday.

"Over the medium term, the key rate will near the target inflation level, that is it may reach the 4-5% level within several years," he said.

However, he added that changing environment on the forex market and a crude oil price plunge may hinder it. "If it [oil price] slumps of course the Central Bank may stop the process [of reducing the key rate]," Belousov said.

The necessity of a further reduction of the key rate is backed by a threat of instability in the banking sector," Presidential aide said. "For banks, the opportunities of forming passives will worsen, banks will be in arrears and the banking sector may face the threat of instability," he said.

Presidential aide added that the Central Bank’s decision to raise its key interest rate last year was the only right decision as it allowed slowing negative processes in the economy.

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