The state Duma will discuss the main directions of the DCT in the years 2016-2018

The state Duma will discuss the main directions of the DCT in the years 2016-2018


The document on uniform state monetary-the credit policy, will present at the plenary session the head of the Central Bank Elvira Nabiullina.

MOSCOW, 13 Nov. The state Duma on Friday will discuss in plenary session the basic directions uniform state monetary policy (DCT) in 2016 and the planning period of 2017 and 2018.

To present the document at the plenary session the head of the Central Bank Elvira Nabiullina.

The Bank of Russia included in the main directions of the three scenarios of macroeconomic development, characterized by the trajectory of oil prices, and assuming the maintenance of economic sanctions for a long period of time.

Previously the Deputy Director of Department of monetary policy of the Central Bank Alexander Polonsky declared that the Central Bank modified the main directions of monetary policy for 2016 and the planning period of 2017 and 2018.

It was clarified the concept of “price stability” was given a revised version of the factors that led to the weakening of the ruble this year, the growth of inflation and deflation expectations. The text of the document was also updated in the part that it was noted that the Bank of Russia has at its disposal the necessary amount of tools, will make decisions quickly and flexibly, based on the objectives of reducing inflation, at the same time preventing excessive cooling of the economy and maintaining financial stability.

Were updated data on debt foreign exchange renancing Opera ons, the specialized tools.

“With regard to section of the scenario of macroeconomic development in 2016-2018, we considered it fundamentally important that the document preserved the macroeconomic forecasts which were submitted in October, was considered by the government. Thus, according to the macroeconomic indicators, 2016, the parameters of the Central Bank and the government coincide, which is important from the point of view of what is happening in the budget process”, — said Polonsky.

In the section “Objectives and principles of monetary policy” clarified the notion of “medium-term”: it is said that the next two to three years. It was also given a more detailed explanation of the impact of changes in the key rate on the course of prices of financial assets and real estate, as proposed in the recommendations of the working group of the state Duma, has noted the Deputy Director of the Central Bank.

However, in the section “Development of economy of Russia” were updated data on the prices of oil and other commodities, in terms of the balance of payments during the reporting period, by the level of unemployment, the retail trade turnover, capital investments and wages. The document was also supplemented by information about the dynamics of the aggregate debt of the real sector with regard to external borrowing, as well as funds raised through other financial instruments, e.g. shares, bills.