MOSCOW, Oct 12 (Reuters) – Russia’s three-year budget plan is in line with the central bank’s July forecast and will allow for a further easing of monetary policy, Deputy Central Bank Governor Alexei Zabotkin said on Monday.
“The announced parameters of the three-year budget are in line with the assumptions of our July forecast. Covering the additional increase in budget expenditure with tax revenues will help mitigate the impact of this expenditure on demand and interest rates, and will allow us to continue easing monetary policy,” Zabotkin told the State Duma, the lower house of parliament.
The central bank in September kept its key rate at 14 % following 10 consecutive rounds of cuts. It will next discuss monetary policy at its meeting on 23 October.
(Reporting by Elena Fabrichnaya; Writing by Gleb Stolyarov; Editing by Andrew Osborn )
