In Russia there are still risks of inflation in 2018, said Gref

© RIA Novosti / Alexei Filippoupolitis in fotoreceptor of the Board of Sberbank of Russia German Gref during a press approach following the meeting of the Supervisory Board of Sberbank. 14 Nov 2017In Russia there are still risks of inflation in 2018, said Gref© RIA Novosti / Alexei Filippoupolitis the image Bank

Maintaining a high spread between the rate of inflation in Russia and the level of the key rate currently optimally, in Russia there are still risks of inflation in 2018, said the head of Sberbank German Gref on a press-conferences.

«Today, I believe that the policy pursued by the Central Bank of Russia is quite optimal. You always want faster decline rates, and we want to quickly rate reduction, but I think it is still there and the risk of inflation growth next year, and while I can’t say that we have a factor in the stabilization of inflationary expectations,» he said, answering the question whether there is potential for a sharp reduction in the key rate of the Bank of Russia.

«Until that happens, there are still risks in the market, maintaining a higher spread to the current inflation seems to me the best. In macroeconomic policy an important non-revolutionary dynamics, she doesn’t like any of the jumps, an important planning and compliance with these plans. What we now see — for the first time, the CBR fulfilled its plans achieving the planned level of inflation. We see that this year inflation will be significantly below their target», he added.

According to him, this gives an additional contribution in the next year, the credibility of this policy, and, perhaps, next year the dynamics will be faster. «But today I don’t see that it is possible to move faster than it does the Central Bank», — he said.

The Bank of Russia 27 October for the fifth time in 2017, has lowered its key rate by 0.25 percentage points to 8.25% per annum. Earlier, the head of the Central Bank Elvira Nabiullina said that the key rate of the Bank of Russia, according to estimates by the regulator, may fall to 6.5-7% in 2019. According to her, with a steady inflation of 4%, the key rate of the Bank of Russia may be higher by 2.5-3 percentage points, that is, to be 6.5-7%.

The nearest and the latest in 2017 the meeting of the Central Bank’s key rate will be held December 15. Previously, the regulator was expressed that the possibility of a further rate cut at the next meeting.

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