MOSCOW, April 2. /TASS/. Ruble strengthening cannot be considered thus far as a stable disinflationary factor, according to the summary of discussions on the key rate at the Bank of Russia Board of Directors’ meeting.

"Ruble appreciation was caused by the stronger trade balance at the year-start and by expectations of a potential improvement of the geopolitical situations by market players. Attendees concur that ruble strengthening cannot be considered so far as a stable disinflationary factor," the summary indicates.

Although influence of monetary policy on the rate weakened since 2022 due to capital movement restrictions, this channel of the transmission mechanism is working, the regulator noted. "Ruble appreciation may occur due to growth of interest in Russian assets amid geopolitical situation improvement. This interest might be caused by higher key rate in Russia as compared to rates in other countries. In other words, the decline of current price growth rate under influence of ruble strengthening could partly be intensified by the pursued monetary policy," the summary reads.

However, there are no exact data to confirm that, the Central Bank added.