MOSCOW, September 13. /TASS/. The Bank of Russia is far from the situation where the key rate loses its effectiveness, head of the regulator Elvira Nabiullina said at a press conference following the meeting of the bank’s board of directors.

"Yes, we can assume a situation of fiscal dominance, when the key rate largely loses its effectiveness. But, in my opinion, we are very far from this situation due to the fact that we have a low public debt. Therefore, it is very important to keep the level of public debt within manageable limits," the head of the Central Bank said.

Earlier on Friday, the Bank of Russia raised the key rate by 100 basis points (bp), to 19% per annum and indicated the possibility of raising it at the next meeting.