“As for the tough policy.

We do not exclude a transition to a moderately tough policy, we did not exclude it before.

But the probability, in our opinion, has now increased, although this is not inevitable, "Nabiullina said.

At the same time, she noted that "everything will depend on the dynamics of the economy, inflation and inflation expectations."

Earlier, the Board of Directors of the Bank of Russia decided to raise the key rate to 5.5% per annum.