NOVOSIBIRSK, August 24. /TASS/. The Russian Central Bank's key rate that currently stands at 8% per annum, may go down to 7% by the end of this year, VEB.RF Chief Economist Andrey Klepach told TASS on the sidelines of the Technoprom technological development forum in Novosibirsk on Wednesday.

"I think [the key rate] will go down, probably to 7-7.5%," he said.

The Bank of Russia raised its key rate by 10.5 percentage points to 20% per annum in late February, noting that external conditions for the country's economy had changed drastically, with the key rate increase expected to support the financial and price stability and protect people's savings. After the decision the key rate was reduced several times. In particular, on July 22 the regulator's board of directors cut the key rate from 9.5% to 8% per annum.

According to the Central Bank's base case forecast, the key rate will equal from 6.5% to 8.5% per annum in 2023, 6-7% per annum in 2024, and 5-6% per annum in 2025.

The 9th international forum Technoprom is taking place in Novosibirsk from August 23 to 26. Its main goal is promote locally-produced scientific developments and innovations. Last year the forum focused on technological sovereignty and Russia's sustainable development. In their discussions the participants will touch upon nuclear technologies, biological, agrarian and information security, energy and medicine. TASS is the general media partner of the event.