The Board of Directors of the Bank of Russia has decided to reduce the key rate c 14,00% to 12,50% per annum, taking into account the weakening of inflationary risks, while maintaining a significant risk of cooling the economy, reports on the official website of the Central Bank of the Russian Federation.
«In the face of February-April 2015 the ruble and a significant reduction in consumer demand monthly consumer price inflation declining, there are signs of stabilization in annual inflation,” – said in a statement.
According to the forecast of the Bank of Russia, slower growth in consumer prices will occur faster than previously expected. In particular, the annual inflation will fall to less than 8% a year until the target level of 4% in 2017.
It is also reported that the Bank of Russia expects the recovery of quarterly GDP growth rates of the Russian Federation after 2015 in terms of import substitution , easing domestic credit conditions and rising oil prices.
At the same time, the central bank noted a significant decline in GDP in the first quarter of 2015.
«While structural factors continue to exert a restraining influence on growth, reduction in production at present largely cyclical. This is evidenced by, inter alia, the observed decrease in capacity utilization and labor, as well as a slight increase in the unemployment rate, “- said in a statement the Central Bank.
In the middle of March, the Central Bank cut its key rate by 1 percentage point – up to 14%, . A Jan. 30 rate was reduced from 17% to 15%. Central Bank went to a chance, “given the changes in the balance of risks accelerating the growth of consumer prices and the cooling of the economy».
As a further weakening of inflationary risks, the Bank of Russia will be ready to continue the reduction in the key rate. The next meeting of the Board of Directors of the Bank of Russia, which will consider the question of the level of the key rate, scheduled for June 15, 2015.
U.
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