Cbanker says no changes in goals of Russia’s monetary policy

MOSCOW, Apr 14 (PRIME) -- Russia’s central bank has no plans to change its monetary policy, Deputy Chairman Alexei Zabotkin told reporters on Thursday.

When asked whether the regulator had plans to amend the monetary policy, he said, “This is a not an idle question, and the answer is negative. The monetary policy and the goals of the monetary policy are defined by the law. We are to maintain stability of the ruble through the pricing stability in order to ensure conditions for stable and consistent growth of the economy.”

The regulator’s task is to return inflation to 4% in 2024, he said.

The date for review of the monetary policy was delayed to 2023, Zabotkin said.

“We planned to finish a review of the monetary policy this year, the review that we started last year, and it should have summarized the results of the five years of inflation targeting from 2017 through 2021,” he said.

“We have not stopped working on this project, but it was delayed. It will be difficult to finish it in 2022 taking into account the serious changes in the conditions. If we speak about the deadline for conclusion of the monetary policy’s review, it is the next year’s task.”

The regulator will continue to reduce its key rate gradually in line with falling inflation and risks for financial stability. The key rate will be cut to avoid the threat of an outflow of deposits, he said.

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