Head of the Bank of Russia Elvira Nabiullina said during a report in the State Duma that the regulator will consider the possibility of reducing the key rate at the next meetings. The nearest meeting of the Central Bank’s Board of Directors is scheduled for April 29.

Nabiullina also said that the Russian economy needs structural reorganization to “confront the challenges.”

According to the Central Bank head, the sharp rate hike was justified as a temporary, forced measure for the acute phase of the crisis. The Central Bank recognizes that the rate hike has made credit less available, but has kept inflation in check.

“As the situation on the financial market stabilized, as inflationary pressure decreased, we began to reduce the key rate. Even without waiting for the scheduled board of directors, we have reduced the rate to 17%. And we will consider the possibility of its further reduction at the next meetings,” she said during a speech in the State Duma.

The Central Bank is constantly adjusting currency restrictions: “our task is to help those who are building logistic chains, entering new markets,” said the head of the Central Bank.

Nabiullina added that the Russian economy must restructure itself structurally. In her opinion, the changes will necessarily affect the financial sector, which “should be reoriented to fulfill the task of the economy.” The head of the Central Bank added that exporters need to look for new markets, and importers – new suppliers.

Elvira Nabiullina also said that the Central Bank will work on expanding the presence of cards of the Russian payment system “Mir” abroad. She recalled that at the moment they are accepted in Turkey, Vietnam, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, South Ossetia and Abkhazia.