Nabiullina admitted returning to the issue of raising the key rate in February

The Central Bank may return to the issue of raising the key rate in February. This was announced by Central Bank Chairman Elvira Nabiullina on December 20.

According to her, during the meeting, the regulator considered the option of keeping the key rate at 21%, as well as its increase to 22% and 23% per annum.

In addition, she added that in February, the Central Bank will choose from two possible decisions on the key rate. In the first case, according to Nabiullina, the option of keeping it at 21% will be considered, noting that it is currently high enough.

"Or, if the current scale of demand overheating will not be reduced, and lending will move to a new round of expansion, we will return to discussing the issue of raising the key rate," the head of the regulator added at a press conference following a meeting of the Central Bank's board of directors on the key rate.

Price reaction: what instruments besides the key instrument the Central Bank can use

At the direct line, the president named the causes of inflation and commented on the regulator's policy

Earlier in the day, the Central Bank decided to keep the key rate at 21% per annum. It was noted that there was a more significant tightening of monetary conditions than the October decision on the key rate suggested.

Back in late October, when the rate was raised to 21%, the Central Bank allowed the possibility of further increase in the key rate. Thus, according to the regulator's forecast, annual inflation will fall to 4.5-5% in 2025 and to 4% in 2026.