MOSCOW (Sputnik) — The inflationary goal of 4 percent is realistic and necessary for Russia in 2017, Russian Central Bank Governor Elvira Nabiullina said Thursday.
"The Bank of Russia believes that the target of achieving a 4-percent inflation in 2017 is not only absolutely real, but is necessary," Nabiullina said during the Congress of the Association of Russian Banks.
"In addition to the social effect, inflation is primarily a tax on the poor, on those who receive low income. Low inflation of 4 percent will reduce the investment risks for businesses and facilitate greater stability of the [currency] exchange rates, reducing the risks," Nabiullina said.
The Russian Central Bank expects Russia's economy to resume growth within three years under any scenario.
