Belousov: Russia’s Central Bank to further ease monetary policy

Inflation in Russia in 2023 is likely to be lower than forecast, which will give the Central Bank grounds for further easing of monetary policy, First Deputy Prime Minister Andrey Belousov said in an interview with Rossiya 24 TV channel, Report informs referring to Russian media.

“Next year, most likely, we have somewhere between 5-6%, 5.5% in our forecast. I think that it will most likely be lower. The Bank of Russia is monitoring this situation and if it sees that there are signs of non-fulfillment of indicators on economic growth, while maintaining the inflationary situation, it will probably further soften the policy,” he said.

The regulator expectedly kept the key rate at the level of 7.5% per annum at the December meeting. Then the head of the Central Bank, Elvira Nabiullina, noted that the bank would determine the trajectory of the key rate in such a way as to ensure the restructuring of the Russian economy and reduce inflation to the target of 4%.