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Bank of Russia’s chief names main disadvantages of high inflation for Russia

Elvira Nabiullina stressed that high inflation meant greater price volatility

MOSCOW, September 13. /TASS/. The main disadvantages of high inflation are the weakening of the ruble and the high cost of long-term loans for most borrowers, head of the Bank of Russia Elvira Nabiullina said at a press conference following a meeting of the Board of Directors of the Central Bank.

"Why is it so important to return to [inflation of] 4%, not put up with 6%, 8%? Firstly, to guarantee the protection of citizens' savings and income from depreciation. Secondly, only with low inflation will long-term loans be available. With high inflation, such loans, including mortgages, will be expensive for most borrowers, since the price of such loans includes an inflation component," she said.

Beside that the ruble is constantly weakening when inflation in the country is significantly higher than in trading partner countries, Nabiullina noted.

The head of the regulator added that high inflation also means greater price volatility.

"The higher the inflation, the more difficult it is to manage. If we agree to a price growth rate of 6-8%, then the risks of inflation will increase significantly moving into the double-digit region. Then it will be much more difficult and expensive for society to bring it back under control, so the Bank of Russia will do everything possible to reduce inflation to 4% next year," she concluded.

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In all, there are 32 items

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Brent oil price rises on London’s ICE to $74 per barrel, first time since September 5

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Bank of Russia raises dollar exchange rate for September 18 to 91.43 rubles

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Relations between Iran, Russia to develop on permanent basis — Iranian president

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West is persuading Ukraine to give up claims to 1991 borders — legislator

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Top stories from the Russian press on Friday, September 13th

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Peter Szijjarto added that "there are conscientious African countries that keep migration under control"

UK Foreign Secretary offends memory of fallen, accusing Russia of fascism — embassy

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Russian forces advance in Stepnogorsk area in Zaporozhye Region — politician

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Russian units, advancing toward Seversk in DPR, force Ukrainian troops out — expert

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Georgian parliament adopts in final reading bill banning LGBT propaganda

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Operation with pagers in Lebanon approved by Netanyahu, his cabinet — media

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Snowden said exploding pagers in Lebanon likely to be stuffed with explosives

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