Russian economy begins new growth cycle: Russian Central Bank

ST. PETERSBURG, July 13 (Xinhua) -- The Russian economy is now at the beginning of a new growth cycle, said Elvira Nabiullina, head the Central Bank of Russia.

She made the remarks at the International Financial Congress in St. Petersburg on Thursday.

She said the Russian economy has returned to low, but positive growth rates, the growth by 1.3 to 1.8 percent is expected in 2017.

However, the country needs structural reforms that can make economic development more sustainable, she said.

Nabiullina added that the Central Bank of Russia plans not to reduce the inflation of Russian ruble, but to control it for the next five years in order to maintain financial stability.