MOSCOW, October 31. /TASS/. The Bank of Russia has been forced to shift to tight monetary policy, which is a new situation for the country’s economy, Central Bank Governor Elvira Nabiullina said.

"We were forced to enter the period of tight monetary policy, this being a new situation for our economy," she said addressing the State Duma (lower house of the parliament).

The regulator raised its key rate by 2 percentage points to a record level of 21% per annum at its meeting of the board of directors on October 25, noting the possibility of its further increase at the next meeting of the board meeting.