The Central Bank will consider three options in the key rate

© RIA Novosti / Ramil to Setdiscoverable in fotobank Gaidar forumThe Central Bank will consider three options in the key rate© RIA Novosti / Ramil to Setdiscoverable the image Bank

The Bank of Russia is considering the possibility in February or keep the key rate at the current level (7.75 percent), or to reduce it by 0.25 or 0.50 percentage points, told reporters Director of the Department of monetary policy of the Central Bank Igor Dmitriev on the sidelines of the Gaidar forum.

«I think the traditional triad at the moment: that a zero that a quarter of that is 0.5 (percentage points of decline — ed.)» — said Dmitriev on the question of what the various options for setting the key rate at the next meeting of the Board of Directors in February will consider the Central Bank. «The margin reduction of the key rate is,» he added, commenting on the annual term.

The Bank of Russia in 2017, reduced the key rate six times, bringing it to 7.75% per annum. On Wednesday the first Deputy Chairman of the Central Bank Ksenia Yudaeva said that the regulator intends in the future to lower the rate gradually, by choosing a step reduction, depending on the macroeconomic situation. But earlier Thursday, he Dmitriev noted that the process of switching the regulator to a neutral monetary policy «will not be quick».

The Chairman of the Central Bank Elvira Nabiullina last year promised that the regulator will continue to soften the rhetoric and implement a smooth transition from moderately stiff to neutral policy, assessing risks to inflation and the economy. This transition does not exclude the pauses, but, according to the plans of the Central Bank, the key rate in the next two years should fall to the «equilibrium» level.

In the opinion of the regulator, the equilibrium or «neutral» rate is 6.5-7% per annum, and it is to be achieved in 2019. The Central Bank believes that with stable inflation at the 4% rate should be higher by 2.5-3 percentage points.

RIA Novosti, a member of the media group «Russia today», is the official information partner of the Gaidar forum — 2018.

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