The head of the Bank of Russia Elvira Nabiullina in the air “Vesti” said her organization plans to reduce the key rate.
“We certainly understand that now is the availability of credit is low, interest rates are quite high for our enterprises. And we intend to reduce the key rate, but not at the expense of inflation “, – she underlined
.
According to Nabiullina, the strict control over the budget deficit will allow the Central Bank to reduce rates in the future. The rapid decline in the key rate could spur economic growth, but the effect is illusory short-term. According to the regulator, government should not allow a situation where rates are cut, and inflation shows growth.
For the economic growth needed to raise productivity, structural reforms and improve the investment climate, said the head of the Central Bank: “The economy must be transformed in the direction of diversification. The new sectors that can benefit from the weak and the ruble, and other things, it takes time to increase investment, increase production, it is precisely this transformation occurs. We expect that the economy will show positive growth, begin to enter the positive zone. »
Nabiullina suggested that the economy will gain stability already in 2017.
At the last meeting of the Board of Directors of the Central Bank decided to keep its key rate at 11% per annum. Despite some stabilization in the financial and commodity markets and the slowdown in inflation, inflationary risks remain high. They are related to oil market conditions, the preservation of inflationary expectations at a high level, the uncertainty of the individual parameters of the budget.
Central Bank decision coincided with the expectations of most economists, said that the risk of inflation acceleration is reduced, but not enough to rush with reduced rates .
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