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Russia’s Central Bank sees potential for further reduction of interest rates — official

November 06, 2015, 21:46 UTC+3 SHANGHAI
1 pages in this article
© ITAR-TASS/Anton Tushin

SHANGHAI, November 6. /TASS/. Russia’s Central Bank sees potential for further reduction of interest rates and inflation, its First Deputy Chairman Sergey Shvetsov said on Friday.

"We don’t see any risks from the side of foreign exchange rate… There is potential for reduction of rates and there is potential for reduction of inflation already by the end of the year," Shvetsov said.

First Deputy Chairman of the regulator also said the 7-8% inflation target outlined in its reports, implies the current level of interest rates.

"However, we monitor further inflation forecast and exchange dynamics, and we see potential for reduction of interest rates," he said.

Shvetsov added that at its latest board meeting the Bank of Russia kept its key interest rate unchanged due to high inflationary expectations. "So far we see that annual inflation is still above 15%, which pushes inflationary expectations up," he said.

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