Oreshkin: Russian Central Bank decision on key rate not to affect inflation

 Oreshkin: Russian Central Bank decision on key rate not to affect inflation

The decision of the Russian Central Bank to raise the key rate to 7.5% will practically not affect inflation in 2018, the country's Minister of Economic Development Maxim Oreshkin said. 

He added that the Ministry does not plan to revise the forecast for consumer price growth for 2018 and 2019.

"The decision of the Central Bank will have almost no impact on inflation. Dynamics of lending depends more on the volatility of long-term rates," TASS cited the minister as saying.

"Our inflation forecast for this year is around 3.4%. It is realistic if the exchange rate returns to the values that are included in the forecast - 64 rubles per dollar at the end of this year," he said. "Next year, we have a forecast at 4.3%, we expect inflation to rise to 5% in the Q1, we have this trajectory," Oreshkin added.

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