(Reuters] – Russia’s central bank maintained its key interest rate at 20 percent on Friday after a late February emergency rate rise. The move was made to ensure financial stability, and also warns of an increase in inflation.

After raising the key rate to 9.5% on February 28, to 20% on February 28, the central bank met to discuss rates. The rouble fell to record lows following sanctions imposed by the West on Russia for sending tens to thousands of troops to Ukraine.

The central bank stated Friday that inflation would reach its target of 4% in 2024. However, it did not provide inflation projections for the year.

The central bank stated in a statement that the Russian economy was entering a phase of large-scale structural change. This will be accompanied with a temporary, but unavoidable period of higher inflation.

According to the bank, Russia’s economy is expected to contract over the next quarters.

According to Reuters, the rate decision was consistent with a consensus forecast by analysts.

Inflation can cause a drop in living standards, and this has been a major concern for households over the years. Inflation can be controlled by higher rates. They increase lending costs, and make bank deposits more appealing.

Elvira Nubullina, Governor of the Central Bank, will give more details on forecasts, monetary policies, and other information during an internet briefing starting at 1400 GMT.    Next rate-setting meetings are scheduled for April 29.