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Low inflation promotes economic growth, Central Bank governor notes

December 25, 2017, 19:28 UTC+3 MOSCOW

Low inflation also contributes to the attractiveness of ruble assets

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MOSCOW, December 25. /TASS/. Low inflation does not hamper economic growth, on the contrary it contributes to it and increases attractiveness of ruble assets, Governor of the Russian Central Bank Elvira Nabiullina said in an interview with Rossiya 24 TV channel.

"Low inflation, in my opinion, is very important, and it does not impede economic growth. We see that economic growth in the country has recovered, and we expect that next year the economy will continue to grow," she said. "Low inflation is good, it's good for people, for the economy. First of all, when prices grow slower, it means that the incomes of citizens, their salaries, savings, pensions depreciate less. This is very important," she added.

"It is the inflation decline that makes loans for the economy more affordable and allows planning for citizens and businesses for a longer term, because when businesses need to calculate investment projects, they have to rely on something," she added.

According to her, low inflation also contributes to the attractiveness of ruble assets. "By the way, we see that the dollarization of the economy is consistently declining, because people are less afraid to keep savings in rubles, realizing that the ruble is depreciating less. I think this is good for the economy," she noted.

According to Nabiullina, the growth rate of Russia's economy in the next year may reach 1.5-2% and higher, according to the results of 2017 - 1.7-1.8%.

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