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EBRD believes Bank of Russia can reach 4% target inflation in 2017

November 03, 2016, 19:30 UTC+3
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LONDON, November 3. /TASS/. The Bank of Russia will be able to reach 4% target inflation figure in 2017, Chief Economist of the European Bank for Reconstruction and Development Sergei Guriev told TASS on Thursday.

"The Central Bank is combating inflation and global community believes the struggle will be successful and 4% inflation target will be reached next year," Guriev said.

The EBRD supports inflation targeting by the Bank of Russia and expects the Russian regulator is serious in its work on inflation contraction.

"If high positive real rate is to be kept for this purpose, this will be probably done," Guriev said. As soon as the inflation target is reached, the Central bank will probably start lowering the key rate, he added.

Higher economic growth rates can hardly be achieved by monetary policy tools, EBRD Chief Economist said. "There is a point of view that the rate should be reduced to have higher inflation and growth. It can be done but this will lead to short-term increase of growth rates. Low inflation is extremely useful for the long-term [growth]," Guriev said.

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