The Central Bank of Russia kept its key interest rate at 21%.

Due to high inflationary pressure, the regulator will assess the possibility of raising the rate at its next meeting, taking into account the speed and sustainability of the decline in inflation. The Central Bank noted that lending activity in the economy is slowing, and the population is becoming more inclined to save.

Under the baseline scenario, achieving inflation targets will require a longer period of tight monetary conditions than previously planned.