MOSCOW, July 24. /TASS/. The Bank of Russia considered in detail both reducing and maintaining the key rate, the regulator’s Governor Elvira Nabiullina said, adding that there were also isolated proposals to raise it.

"We gave substantive consideration to two options: keeping the rate unchanged and cutting it by 25 basis points; there were also isolated proposals to raise the rate. <…> We did indeed analyze the fuel situation, which is primarily a matter of what is known as supply shocks. Monetary policy responds to supply shocks if they have pronounced second-round effects and feed into persistent inflation, and, of course, depends on the duration of these shocks," she told a press conference following the Central Bank’s board meeting.

That said, the Central Bank sees the government taking measures to stabilize the situation in the fuel market, the regulator’s chief added.