OREANDA-NEWS  It will be possible to expect a reduction in the key rate only when inflation in the Russian Federation begins to decline steadily, said Elvira Nabiullina, head of the Bank of Russia, at the Cybersecurity in Finance forum.

"The key rate is the main instrument of the Central Bank's influence on inflation. An increase in the key rate leads to a reduction in inflation. If we hadn't raised the key rate, inflation would have been much higher. When can we expect a steady reduction in the key rate - when will inflation start to decrease steadily, when will we realize that it is steadily decreasing towards our target of 4%," she told reporters, responding to a request to comment on the results of the key rate increase and when asked when it can be expected to decrease.