MOSCOW Wendell Smallwood Limited Jersey , March 13 (Xinhua) -- Russian Central Bank on Friday cut its key interest rate to 14 percent.


The decision aims to decrease the risks of "even more significant economic slowdown," while not bringing additional inflation danger, said the bank's statement.


"Weak economic activity will facilitate inflation slowdown," the bank said, noting that the inflation might be spurred by possible revision of price regulation, tariff growth and the easing of fiscal policy.


The bank said it would be ready to further cut the key interest rate if inflation risks are alleviated. The next meeting of the central bank on key rate is scheduled on April 30.


This is second key interest rate cut by the bank this year. After an increase from 10 to 17 percent last December in the wake of financial panic, the rate was cut to 15 percent at the beginning of February.


Head of the bank Elvira Nabiullina said Friday that due to current monetary policy Isaac Seumalo Limited Jersey , the annual inflation rate would drop to nine percent in March 2016 and finally reach the target level of four percent in 2017.


"The inflation will peak in the second quarter (of 2015), then slow down to 12 to 14 percent by the end of the year and to 9 percent exactly in a year," she said.


"The decline of inflation rate will depend on how events would develop further and how the economic situation would change. Obviously, attempts to lower inflation rate at any costs would be a shortsighted strategy," Nabiullina added.


Moreover, the central bank chief predicted that Russia's gross domestic product (GDP) is to decrease by 3.5 to 4 percent in 2015, while the economy would hit the bottom in the first quarter of 2016.


"Risks of economy weakening remain higher than those of inflation speeding up. Economic situation would continue worsening until the first quarter of 2016 Jordan Hicks Limited Jersey ," Interfax news agency quoted Nabiullina as saying.


According to her, growth would resume after Russia's economy adapts to the new conditions including oil prices growth, recovery of trade as well as investments. The recovery growth of GDP is expected at 5.5-6.3 percent in 2017, the bank said.


MADRID, March 26 (Xinhua) -- Bank of Spain on Thursday revised the country's 2015 economic forecast for the better from a 2.0-percent gross domestic product (GDP) growth to 2.8 percent.


In its March economic bulletin, Bank of Spain highlighted that imbalances within the economy, such as the country's public deficit and unemployment rate Nelson Agholor Limited Jersey , had improved, along with better access to finance and better economic perspectives of the euro zone in general.


These factors led the bank to revise up its economic predictions.


Bank of Spain reported that domestic demand and exports would increase in 2015 and 2016, boosting Spain's economy. It also highlighted that private consumption was expected to increase thanks to job creation and fiscal reform, and apart from this, the low prices of oil.


Oil prices were expected to increase slightly in 2016 leading to a 2.4-percent private consumption increase, as opposed to the expected 3.3 percent of this year.


Employment will increase by 2.7 percent this year and by 2.6 percent in 2016, the bank said Mack Hollins Limited Jersey , which would contribute to an increase in families' purchasing power.


According to the Bank of Spain, the country's public deficit would stand at 4.5 percent in 2015, 0.2 percent above the deficit target, and at 3.9 percent in 2016, remaining above the 2.8 percent mandated by the European Union (EU).


Bank of Spain reported that, in the first quarter of the year, the economy grew by 0.8 percent when compared with the last quarter of 2014 Donnel Pumphrey Limited Jersey , while on a year-on-year basis, the economy grew by 2.5 percent.