MOSCOW, March 22. /TASS/. A reduction in the key rate is possible in the second half of the year, in case there is a steady decline in inflation, the Bank of Russia’s Chief Elvira Nabiullina told a press conference.

"We really discussed the trajectories of the key rate. We can begin to reduce it when a sustainable reduction in inflation is convincing for us. So far, according to our assessment, this will most likely happen in the second half of the year," she said.

According to Bank of Russia estimates, the annual inflation rate remains at the February level and, according to estimates as of March 18, is 7.7%.

On March 22, the Board of Directors of the Bank of Russia kept the key rate at 16% per annum, noting that current inflation pressure is gradually weakening, but remains high. The next meeting is scheduled for April 26.