The Central Bank of the Russian Federation on February 16 decided to maintain the key rate at 16%, reported from the Izvestia newspaper citing the regulator’s message.

"Current inflation pressure has decreased compared to the autumn months, but remains high. Domestic demand continues to significantly outpace the possibilities for expanding the production of goods and services. It is premature to judge the sustainability of the emerging disinflationary trends. The monetary policy pursued by the Bank of Russia will consolidate the process of disinflation in the economy,” the Central Bank noted.

The regulator clarified that the inflation forecast for the current year is at the level of 4-4.5%. As indicated, its return to the 4% target in 2024 assumes an extended period of maintaining tight monetary conditions.

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