MOSCOW, October 27. /TASS/. The year of 2024 is "the year of double-digit rates" in the economy, Central Bank chief Elvira Nabiullina said at the press conference.

"Our rates are high indeed now and the next year, according to our forecast, is the year of double-digit rates. We nevertheless assume our decisions we have made and are making will lead to the consistent decline of inflation - to our objective, and we will able to move then in the next year to key rate lowering. We forecast the average key rate of 7-9% in 2025. This is below double-digit values," the head of the regulator said.

Much will depend on development of the foreign economic situation, the labor market and inflation expectations, Nabiullina added.

The Bank of Russia increased the key rate to 15% per annum at the Board of Directors’ meeting earlier today.