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MOSCOW, May 25. The period of high rates in Russia is temporary and is caused by high demand and low supply, said Deputy Chairman of the Central Bank Alexei Zabotkin in an interview with Arguments and Facts.
«If borrowed money were left cheap, then demand would outstrip supply even more strongly Therefore, a temporary period of high rates is in the interests of the whole society. This is necessary in order to achieve low inflation,” he explained. -type=»ar16x9″ data-crop-ratio=»0.5625″ data-crop-width=»600″ data-crop-height=»338″ data-source-sid=»rian_photo» title=»Coin with a face value of one ruble and banknotes in denominations of 100, 200 and 1000 rubles» class=»lazyload» width=»1920″ height=»1080″ decoding=»async» />
At the same time, Zabotkin noted that people do not believe in that the Central Bank will be able to reduce inflation to four percent per annum. This is due to the fact that there were more periods of rapid price growth and they were better remembered, although in 2017-2019 inflation was around the target level.
According to Rosstat, in April inflation in Russia accelerated to 0.5 percent, while in March the growth was 0.39 percent.
According to the forecast of the Ministry of Economic Development, at the end of the year inflation will be at the level of 5.1 percent compared to 7.42 percent in 2023.