The bank's first deputy chairman, Alexei Ulyukayev, said the annual inflation target of 9% would not be exceeded.
He also said the real effective rate of the ruble had grown 8.1-8.2% year-on-year, but had changed negligibly month-on-month.
"The real effective ruble rate has increased by almost as much as inflation," he said.
Finance Minister Alexei Kudrin said the inflation target this year was still far from the desired figure.
"Our inflation of 9% is not really good enough in terms of keeping [consumer price growth] in check," Kudrin said at a ceremony celebrating Banker's Day.
The minister said low inflation meant affordable loans, and added that a stably low inflation was a crucial factor for investors and business.
