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Russian Central Bank may introduce key rate forecasts

Логотип TASS TASS 16.06.2017 TASS

MOSCOW, June 16. /TASS/. The Bank of Russia is discussing an opportunity to publish forecasts on further key rate moves, the Central Bank governor Elvira Nabiullina said on Friday after the Board meeting.

"We are discussing such an option but from our point of view, we need to complete some information work and preparation prior to starting publications of such forecasts, either midterm or long-term, so that such forecast is not perceived as a commitment of the Central Bank to move in that corridor," Nabiullina said.

The bank considers start of replenishment of international reserves this year unlikely, she added.  The Central Bank does not see major problems if US sanctions cover new issues of government bonds, she said. 

Oil price in 2017

The Bank of Russia has retained its forecast for the average oil price in 2017 at $50 per barrel.

"We kept the price of oil unchanged - $50 per barrel in 2017, taking into account the current price dynamics and analysis of the prospects of the oil market," she said.

GDP growth

The Bank of Russia forecasts national GDP growth to be 1.3% in the third quarter of this year, she said.

"Concerning GDP, we indeed slightly raised our outlook but it remains a bit lower than the outlook of the Economic Development Ministry. It equals approximately 1.3% for the third quarter," she said.


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