MOSCOW, December 15. /TASS/. The Bank of Russia will keep the key rate at a high level as long as it will be needed for sustainable slowdown of the price hike and for inflation expectations to decline, Central Bank chief Elvira Nabiullina said at a press conference after the regulator’s Board meeting.

"The Bank of Russia will set the key rate so that to return inflation to the target at the turn of the next year. The key rate will remain high as long as it will be required until we see that steady trends of price hike deceleration and inflation expectations drop are evolving," she said.

According to the base case forecast of the Bank of Russia, inflation in the country will be at the level of 7-7.5% in 2023.