Russian Central Bank Governor Elvira Nabiullina and her deputy Alexei Zabotkin addressed a news conference on Friday after the central bank held its key rate at 21% as expected. They spoke in Russian and the quotes below were translated into English by Reuters.

The Bank of Russia left its key interest rate unchanged for a fourth straight meeting, despite a continuing rise in inflation driven by the diversion of men and material to prosecute the invasion of Ukraine.

Russia’s central bank held borrowing costs at a record high, reiterating that tight policy will remain in place “for a long period” to tame inflation.