First Deputy Chairman of the Bank of Russia Sergei Shvetsov said that the regulator receives “dubious” recommendations from the International Monetary Fund (IMF). He called the organization Turtle, writes TASS.
He noted that the IMF advised the Central Bank to reduce the rates in the fall last year. “The IMF is a turtle, which, while gives his recommendation, it takes a lot of time. And it seems that they analyzed the data for the period preceding the autumn, – the summer or spring period,” said Schvetsov.
he added that the Central Bank is not obliged to follow the recommendations of the IMF. “We smiled and did everything as necessary – raised rates this year, providing price stability,” the first deputy chairman of the Bank of Russia.
In April, the Central Bank raised the key rate from 4.5 to 5 percent. The regulator explained such a step in an increased growth rate of inflationary expectations of the population and business, as well as a sustainable recovery in demand and the displacement of the risk balance towards the intelligence. The next meeting of the Bank, Russia, on which the issue of key bet will be considered, will be held on June 11.
In April, the IMF predicted the growth of Russia’s GDP by 3.8 percent in 2021 and in 2022, revising its forecast towards improving