The incremental growth rate of the consumer loans portfolio can be 7-12% in 2024, the regulator noted.

"We expect households money will continue growing actively and the annual incremental growth rates will be within the range of 14-19%," the Bank of Russia said.

"In the services sector, the price growth rate dropped to 0.13% amid slower rise in prices for air tickets and services of sanatoriums," the ministry added.

Main contributors to GDP growth in the first quarter of this year were wholesale and retail trade (+11.4%), processing facilities (+9%), construction (+4.8%), and hotels and restaurants (+4.6%).

The Central Bank also emphasized that currency exchange trading is not a necessary condition for the convertibility of the national currency, the free circulation of foreign currency, and the formation of market exchange rates.

Since last August, 400,000 foreigners visited Russia, Maxim Reshetnikov noted.

In the reporting period, Russia increased exports to Asian countries by 11% to $101.4 billion, imports from these countries decreased by 3% to $56.6 billion.

982 agreements were signed for a total of 6.43 trillion rubles.

In March, the Russian Finance Minister said that the Bank of Russia’s measures to combat inflation were effective.

Russia will invest resources in its technological independence, the President noted.