It's "about time" for the Federal Reserve to raise rates, according to one of the central bank's top officials.



Stanley Fischer, vice chair of the Fed's board of governors and voting member on its policymaking committee, told CNBC Friday afternoon that there is a "high probability" of a rate increase this year.

He said the U.S. economy is "very close" to achieving a natural rate of unemployment, and he predicted that inflation should rise as the effect of low oil wears off "in a couple months, so it's about time."

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"We've gotten used to thinking of a zero interest rate as normal—it's far from normal," Fischer said.



The central banker also reflected on the Fed's use of the term "patience" in its statements, saying that its removal would indicate "it could happen, depending on the data, at any meeting."

He emphasized that the Fed's decisions will be dependent on economic data.



As for the world economy, Fischer said that it is good for everyone that the U.S. is seeing relative strength, so it can help support global growth.

