MOSCOW, May 13. /TASS/. The maximum influence of previous key rate hikes is expected in the second quarter of 2024, the Bank of Russia said on discussing the key rate at the meeting of the regulator’s board of directors on April 26.

"Previous key rate hikes have not fully influenced monetary factors. Their maximum influence is still expected in Q2 2024. Full assessment of monetary factors’ adjustment may take additional time," the Central Bank said.

New proinflation surprises from the side of economic activity will require a long period of maintaining tight monetary conditions, the Bank of Russia added.

The regulator’s board of directors also suggested it reasonable to tighten the signal, pointing to a longer period of maintaining tight monetary conditions in the economy, but not to directly signal the key rate change at upcoming meetings.