The Central Bank of Russia has left the door open for an additional interest rate increase in line with inflation targets. Deputy Governor of the Central Bank of Russia, Alexey Zabotkin, stated that inflation has been rising at a slower pace than expected in the first quarter, saying, “If inflation slows down at a different level in line with our targets, we do not rule out an additional increase in the policy rate.” Zabotkin, speaking to journalists in the capital Moscow, mentioned that the inflation rate continues to remain far from the targeted level of 4 percent. Indicating that they will maintain a tight monetary policy, Zabotkin used the expression, “If the March inflation data are similar to the weekly figures, then we can say that inflation rose at a slower pace than expected in the first quarter.” Explaining that inflation is targeted at 7 to 8 percent for 2025 and 4 percent for next year, Zabotkin stated, “If inflation slows down at a different level in line with our targets, we do not rule out an additional increase in the policy rate.” The Central Bank of Russia had raised its policy rate to 21 percent in October 2024 due to increasing inflation, marking the highest level ever recorded.