Russia's economic growth rate is below potential, Russian Presidential Adviser Elvira Nabiullina said, according to news agency Itar-Tass.

But it can grow at 3-4 percent this year, Bank Rossii Governor-designate Nabiullina said. She said institutional reforms are needed for better growth.

The central bank is under immense pressure to cut rates to contain slowing growth. It has kept its key rate unchanged at 8.25 percent for the seventh consecutive month, but reduced rates on long-term liquidity operations by a quarter point in April as it sees increased risks to economic growth.

The bank said the macroeconomic indicators pointed to a continuing deceleration of economic growth and increased risks of its deceleration.

2013-4-18 12:42