Russian regulators said on Tuesday that the country could realistically achieve the goal of four percent inflation by 2016 or 2017.
“We believe we need to carry out policy aimed at gradually reducing inflation,” Russian Central Bank First Deputy Chairwoman Ksenia Yudayeva said. “We propose the long-term goal of 4 percent. We believe we’ll be able to achieve it within two to three years and maintain it at this level.”
This announcement came during a presentation of the country’s monetary policy guidelines to the Federation Council upper house of Russia’s parliament. This is just two months after the proposal that the country establish a permanent long-term inflation goal of four percent.
Monetary policy guidelines for 2015-2017 focused on reducing inflation by 0.5 percent in 2015 and maintaining the rate as closely as possible to four percent in 2016 and beyond. Previously, the Russian Central Bank created this year’s inflation target at five percent with inflation deviation of no more than 1.5 percentage points.