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Russia's Economic Development Ministry expects Central Bank to ease monetary policy

April 21, 2017, 18:03 UTC+3
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KRASNOYARSK, April 21. /TASS/. Russian Economic Development Minister Maxim Oreshkin expects the Central Bank to ease the monetary policy, he said in an interview with Rossiya 24 TV channel at the Krasnoyarsk Economic Forum.

"Both strengthening of the ruble, and growth of real interest rates mean tightening monetary conditions. If it happens quite quickly, it will certainly have a deterrent effect on economic growth. The Central Bank reacts in a timely manner, we see it, we will expect easing of monetary conditions," Oreshkin said.

Governor of the Central Bank Elvira Nabiullina said earlier that the regulator would continue to pursue moderately tough monetary policy in order to make inflation stabilize at the level of 4%.

"We’ll further pursue moderately tough monetary policy in order to see inflation stabilized at around 4% and a sustainable reduction of inflationary expectations," she said, adding that the regulator sees the scope for the key rate reduction in the second quarter of this year if positive economic trends persist.

On 24 March 2017, the Central Bank’s board of directors decided to cut the key rate from 10.00 to 9.75% per annum, which was the first reduction since September 2016. The slowdown of inflation overshoots the forecast, while inflation expectations continue to decline and economic activity recovers, the board said. The regulator also admitted the possibility of cutting the key rate gradually in coming second and third quarters while assessing evolving inflation dynamics and economic developments against the forecast.

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