MOSCOW, March 29. /TASS/. The accumulated effect from the key rate hike will become visible in slowdown of price growth in 2024, Russian Central Bank Governor Elvira Nabiullina said.

"The key rate hike in the second half of the year from 7.5% to 16% stopped the acceleration of inflation and made a notable contribution to stabilization of the ruble. The accumulated effect of the key rate hike will become fully visible in slowdown of price growth in 2024. The Bank of Russia intends to return inflation to the target of around 4% by the end of the year," she was quoted as saying in the regulator’s annual report.

The policy of the Central Bank remains unaltered regarding the main thing - the protection of real earnings of households and the creation of conditions for balanced economic growth, which leads to enriching of citizens.

For curbing proinflation risks and returning inflation to the target the Bank of Russia started raising the key rate in July 2023, including at its extraordinary meeting in August. In total, the key rate went up from July to December by 8.5 percentage points to 16% per annum.