MOSCOW, April 8. /TASS/. Tight monetary policy curbs inflation in Russia, though its restraining influence on economic growth is minimal, Central Bank Governor Elvira Nabiullina said addressing the State Duma (lower house of the parliament).

"Tight monetary policy curbs inflation, though its restraining influence on economic growth is minimal. The economy continues demonstrating impressing growth rates," she said.

Nabiullina also stressed that real growth of citizens’ income would have been far smaller but for a firm increase in the rate in 2023 assumed by the regulator.

Central Bank Governor said earlier that the accumulated effect of the key rate hike would manifest itself in slowdown of price growth in 2024, adding that the Bank of Russia intended to get inflation back to the target of around 4%.

The regulator had increased the key rate for limiting proinflation risks and to return inflation to the target since July 2023, including at an extraordinary meeting in August. The key rate was increased in total from July to December by 8.5 percentage points to 16% per annum.