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Inflation in Russia already close to 4% target — minister

March 03, 2017, 19:37 UTC+3 TULA

Russia is entering a new cycle of economic growth, says the economy minister

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TULA, March 3. /TASS/. Inflation in Russia is already close to the 4% target declared for the year-end and the task is to maintain and stabilize this level in coming years, Minister of Economic Development Maxim Oreshkin said on Friday.

"The task in the new macroeconomic policy developed by authorities during several recent years is exactly to make the situation steadily predictable… We are already very close to the 4% level and the objective is to main this level as stable and predictable in years to come," the minister said.

Russia is entering a new cycle of economic growth, Oreshkin said. The ministry expects GDP will grow by 2% as of the year-end, he said.

"The budget approved last year evidences its stability even under the conservative scenario of oil prices. It means there are no reasons for a dramatic revision of the tax system," Oreshkin added.

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