MOSCOW, July 26. /TASS/. The updated forecast by the Bank of Russia does not imply the key rate reduction in 2024, Central Bank Governor Elvira Nabiullina told a press conference following the meeting of the board of directors on the key rate.

"As new information was released we started stressing that the return to [targeted] inflation would require a longer period of maintaining strict monetary conditions. Last month we started saying that we were ready to raise the rate with inflation risks realized. Our updated rate outlook does not imply the rate’s reduction this year," she said.

Earlier on Friday the board of directors of the Bank of Russia decided to increase the key rate for the first time since December 2023 - by 200 basis points to 18% per annum, saying that inflation has accelerated and is developing significantly above the regulator’s April forecast. The Bank of Russia noted that it would consider the necessity of further key rate increase at its upcoming meetings.