BELOKURIKHA /Altai Region/, March 1. /TASS/. The Bank of Russia may reduce the key rate to 12-13% in 2024, VEB.RF Chief Economist Andrey Klepach told TASS.

Earlier, the board of directors of Russia’s Central Bank decided to keep the key rate at 16% per annum, noting that the current inflation pressure had decreased compared with autumn months, still remaining high though.

"I think that they (Russian Central Bank - TASS) will cut the key rate, maybe even starting April, and even to 12-13% at the end of the year," Klepach said.

The rate at 12-13% is also fairly high, he noted, adding that the key rate’s reduction to 8-10% would be optimal.