MOSCOW, October 30. /TASS/. The Bank of Russia will be able to reduce the key rate quicker if labor productivity grows progressively, Central Bank chief Elvira Nabiullina said when speaking at the plenary session in the State Duma, the lower house of the Russian legislative assembly.

"As regards the opportunity to lower the rate, if there is labor productivity growth indeed, which will grow at the outperforming growth rate, certainly, this will provide us with an opportunity to lower the key rate quicker. We have the obvious imbalance between demand growth and supply growth," she said.

"We limit demand growth by the key rate but if the supply grows faster, the supply of goods and services, then, certainly, there will be an opportunity to lower the key rate quicker. Growth of labor productivity is definitely the key area of development, sustainable development of the economy, I am confident in that. This will provide us with more room to soften the monetary policy," Nabiullina noted.