Russia’s cenbank: No reason to change current monetary policy yet – RIA

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MOSCOW, Dec 5 (Reuters) – Russia’s central bank sees no reason yet to implement what it describes as a ‘soft’ monetary policy as inflation is not yet stabilising below its target, its head of monetary policy said in an interview with RIA news agency on Thursday.

With inflation falling, the bank has already started a cycle of interest rate cuts but continues to describe its policy as “moderately tight”.

The central bank’s official inflation target is 4% and it expects inflation to fall to 3.2-3.7% by year-end. Alexei Zabotkin said inflation should be “stabilising below our target” before the bank switches to what he termed as a “soft” policy.

Redesignating that policy as “soft” would imply cutting rates more steeply and regularly . ($1 = 63.8345 roubles) (Reporting by Maxim Rodionov, Writing by Alexander Marrow Editing by Katya Golubkova and Jon Boyle)

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