Alexei Vedev Assessed the RF Central Bank’s Measures

Alexei Vedev, Head of the Financial Studies Department, Gaidar Institute commented to the Izvestia daily on the efficiency of the RF Central Bank’s measures.

In Alexei Vedev’s view the RF Central Bank has raised the interest rate too high, taking into account the fact that a larger portion of inflation was caused by non-monetary factors. Tightening of the monetary policy will make the RF Ministry of Economic Development to revise downwards the macroeconomic forecast. According to Alexei Vedev, it is unlikely to achieve a 3% growth in 2022 as forecasted by the RF Ministry of Economic Development: the economy will grow by 1.7%–2.2%. But it is quite feasible to approach the inflation target: late in 2022 it will be equal to 4.2%, Alexei Vedev says.