SOCHI, September 25. /TASS/. The Bank of Russia will carefully calibrate every step as it makes further key rate decisions, Central Bank Governor Elvira Nabiullina said at the 22nd International Banking Forum.

"I want to confirm that we will move forward, carefully calibrating every step. The significant acceleration in credit growth that occurred in July and August, if it continues for several months in a row, is a clear signal that a significant easing of monetary conditions has already occurred," she said.

The Central Bank Governor stressed that too rapid easing of monetary conditions could lead to the risk of restarting the flywheel of high inflation.

Earlier this month, the Bank of Russia lowered the key interest rate for the third consecutive time, this time by 1 percentage point, bringing it down to 17% per annum. The regulator intends to maintain such a level of monetary policy strictness as necessary to bring inflation back to target by 2026, with further decisions on the key rate to depend on the sustainability of the inflation slowdown and the dynamics of inflation expectations.