The Central Bank of Russia will consider the possibility of reducing the rate at one of its three upcoming meetings.

The phrase "at one of its forthcoming Board of Directors meetings" that the Central Bank used following its October meeting regarding the timing of a possible rate cut means the issue will be considered at one of the next three meetings.

The Central Bank is seeing signs of changes in the structure of the economy, including a more stable situation in export and import-substitution sectors, Central Bank chief Elvira Nabiullina said in the State Duma on Friday.

"Along with the adaptation of the balance of payments, we are also seeing signs of changes in the structure of the economy, the first signs that the situation is starting to look a little more stable in export and import-substitution sectors," Nabiullina said.