MOSCOW, July 21. /TASS/. Russia’s Central Bank does not rule out the possibility of further increase of the key rate at the next meetings of its board of directors, the regulator’s Governor Elvira Nabiullina told a press conference following the board meeting on Friday.

"At the next meetings we admit further key rate’s increase," she said.

The rate of the possible increase of the key rate will be defined by the degree of influence of data received on assessment of development of the situation and the balance of risks for achieving the inflation target of 4% in 2024.

Earlier on Friday the Central Bank sharply increased its key rate after a long pause - by 1 percentage point to 8.5% per annum, noting reinforced inflationary pressure in the economy. The Bank of Russia added that it holds open the prospect of further key rate increase at its next meetings to stabilize inflation close to 4% in 2024 and further on.