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Bank of Russia admits tight monetary policy maintained in 2024 to return inflation to 4%

The Central Bank’s forecast suggests the rates of the country’s GDP growth next year from 0.5% to 1.5% and further on their return to 1.5-2.5% in the following years, the regulator’s deputy governor added

MOSCOW, October 3. /TASS/. The Bank of Russia admits maintenance of tight monetary policy throughout 2024 for returning inflation to the targeted level of 4%, the regulator’s Deputy Governor Alexey Zabotkin said addressing the Federation Council (upper house of the parliament).

"It will probably be necessary to maintain tight monetary policy throughout next year as well for returning inflation to the 4% target. Our baseline forecast suggests the average key rate range for next year from 11.5% to 12.5%, though as inflation declines the key rate will return to its neutral range of 5.5-6.5% further on by 2026," he said.

The Central Bank’s forecast suggests the rates of the country’s GDP growth next year from 0.5% to 1.5% and further on their return to 1.5-2.5% in the following years, Zabotkin said. "Meanwhile the growth of the banking system’s requirements for the economy will be 7-12%, which means continued loan growth in real terms with inflation at 4%," he added.

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Central Bank of Russia

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