Central Bank of Russia taking every effort to normalize monetary policy, cycle of key rate reductions underway - Economic Development Minister Reshetnikov

MOSCOW. March 18 (Interfax) - The Central Bank of Russia is taking every effort to normalize monetary policy, which requires long-term fiscal stability, and the government is prioritizing spending on supporting sectors that drive economic growth, Economic Development Minister Maxim Reshetnikov said on Wednesday at the Economic Development Ministry's board meeting.

"There is currently a cycle of key rate reductions underway. Our colleagues at the Central Bank of Russia are taking every effort to normalize monetary policy," Reshetnikov said.

"Long-term fiscal stability is a necessary condition for this, among other factors," Reshetnikov noted.

"The government is prioritizing budget expenditures to direct full support to those sectors and technologies that ensure long-term economic growth," Reshetnikov said.