MOSCOW, October 10. /TASS/. The Bank of Russia admits additional tightening of its monetary policy for reaching inflation of 4% in 2024, the regulator’s Deputy Governor Alexey Zabotkin said addressing the State Duma (lower house of the parliament).

"We believe that for returning inflation to the 4% target in 2024 it will be necessary to maintain stringent monetary policy during the next year. And we do not rule out that additional toughness will also be required, apart from decisions that have already been taken," he said.

According to the Central Bank’s projections provided in September, the key rate is expected at 11.5-12.5% in 2024 (up from 8.5-9.5% in the previous forecast). In 2025, the regulator expects it at 7-8% (up from 6.5-8.5% projected earlier). The forecast for 2026 has not changed, standing at 5.5-6.5%.