MOSCOW, October 30. /TASS/. The Bank of Russia assumes that tight monetary policy is temporary, Bank of Russia Governor Elvira Nabiullina said at a plenary session of the State Duma, the lower house of the Russian parliament.

"Problems arise when we have a very long-term tight monetary policy, because we proceed from the assumption that tight monetary policy is temporary," she said.

Earlier, the Bank of Russia lowered its key rate from 17% to 16.5% per annum, indicating that it would maintain the tightness of monetary conditions necessary to bring inflation back to its target.

The Bank of Russia also narrowed its forecast corridor for the average key rate through the end of 2025 to 19.2% from 18.8-19.6%. At the same time, according to the regulator, the forecast for 2026 has been raised to 13-15% from 12-13%, and for 2027 and 2028 it has been maintained at 7.5-8.5%.