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Central Bank retains key rate unchanged at 10%

The regulator said it would consider the possibility of reducing the key rate in the first half of 2017

MOSCOW, December 16. /TASS/. The Board of Directors of the Russian Central Bank decided once again to retain the key rate unchanged at 10%, according to the regulator’s press release.

The Central Bank noted that the dynamics of inflation and economic activity in general, correspond to the forecast, inflation risks have declined slightly.

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Fitch forecasts inflation at 6% in Russia for 2017

"At the same time, the growth rate of consumer prices slowed down partly due to the influence of temporary factors, and reduction of inflation expectations remains fragile," the regulator said.

Given the decision and preservation of a moderately tight monetary policy, inflation will slow down to the target level of 4% at the end of 2017.

The regulator also noted that it would consider the possibility of reducing the key rate in the first half of 2017 with consolidating a trend towards a steady decline of the inflation rate.

"At the next meetings, the Central Bank will assess inflation risks and compliance of the dynamics of the economy and inflation with the base forecast," the regulator said.

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