VEB.RF CEO says new Russian econ needs 70 rbl/USD, 7.5% key rate

ST. PETERSBURG, Jun 16 (PRIME) -- The new Russian economic model requires a ruble rate of 70 per U.S. dollar, and the central bank's key rate at 7.5% and a higher inflation, VEB.RF CEO Igor Shuvalov said at the St. Petersburg International Economic Forum (SPIEF) on Thursday.

"In this new model, it is the financial authorities that must decide whether we need a 4% inflation in 2024. I think that with a 70 rate (of the ruble against the U.S. dollar) and a 7.5% key rate, we can start calmly," Shuvalov said.

He added that he feels sorry for the central bank for losing control over inflation, but remembers the 90s, when he managed to profit from high inflation.

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