The key rate could be reduced after inflation is consolidated at a level below 4%, Russia's Minister of Economic Development Maxim Oreshkin said.
He recalled that the Bank of Russia "did not rule it out" by the end of the year. "It is clear that, when inflation is fixed below 4%, there will be an opportunity for further rate cuts," TASS cited the head of the Ministry of Economic Development as saying.
Oreshkin noted that inflation is "rapidly approaching this mark after a certain surge due to cold weather and unusual behavior of vegetable prices."
The minister appreciated the Central Bank's work. "They set themselves a goal in 2015-2016 to achieve inflation of 4%. We see that this year this goal will be achieved," Oreshkin said.
