The Central Bank of the Russian Federation with the last policy change 27 Oct
- move to a neutral position of the policy will be progressive
- The Board observes that the inflation holds near 4%. Its downward trend of the deviation against forecast is mainly explained by temporary factors.
- The economy continues to grow.
- Inflation expectations remain high. Their decline is not yet sustainable and consistent. Medium-term risks of inflation exceeding the target outweighed the risk of the persistence of the decrease of the deviation. In recognition of this, the Bank of Russia is undergoing a transition from moderately tight neutral monetary policy is progressive.
- The bank of Russia’s estimate of the economic development path throughout 2017 and, in the medium term, remained unchanged.
In the future, the Bank of Russia’s key rate decisions will be based on its assessment on the balance of risks to inflation in a significant and persistent deviation in either direction from the target, as well as consumer price movements and economic activity against the forecast. The Bank of Russia Board of Directors left open the possibility of reducing rates at its next meeting.
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