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Sberbank forecasts Central Bank's key rate to reach 8% in 2017

May 24, 17:59 UTC+3 MOSCOW

The Russian Central Bank earlier reduced the key rate by 0.5 percentage points to 9.25% per annum

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MOSCOW, May 24. /TASS/. Sberbank forecasts that the key rate of the Russian Central Bank will reach 8% by the end of 2017, according to Sberbank’s Chief Economist Russia and CIS at Sberbank Yulia Tseplyaeva.

"The policy of the Central Bank will remain tough, although the regulator is likely to continue reducing the key rate. We forecast that the key rate will reach 8% by the end of the year," Tseplyaeva said.

The Russian Central Bank earlier reduced the key rate by 0.5 percentage points to 9.25% per annum.

"On 28 April 2017, the Bank of Russia Board of Directors decided to reduce the key rate to 9.25% per annum. The Board notes that inflation is moving towards the target, inflation expectations are still declining and economic activity is recovering. At the same time, inflation risks remain in place. Given the moderately tight monetary policy, the 4% inflation target will be achieved before the end of 2017 and will be maintained close to this level in 2018-2019," the regulator said following the results of the Board of Directors meeting.

According to the Central Bank, in order to maintain the propensity to save and anchor sustainable inflation slowdown driven by demand-side restrictions, monetary conditions should remain moderately tight.

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