MOSCOW, March 20. /TASS/. Further softening of the monetary policy is a required condition for the Russian economy to return to the sustainable growth path, the Russian Ministry of Economic Development told reporters.

"Considering the evolved situation and the contraction of output in a number of industries, along with inflation slowdown - the consistent, the seventh key rate reduction in a row is a positive signal," the ministry noted.

"Softening of the monetary policy is a required condition for the economy to return to the stable growth path along with the increase of the return on investments and growth of labor productivity," the ministry added.