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Russia Holds Rates as Ignatiev Lays Ground for Heir to Ease

Russia’s central bank left its main interest rates unchanged at Sergey Ignatiev’s final meeting as chairman, signaling that his successor Elvira Nabiullina may have grounds to cut once inflation begins to slow.

The refinancing rate will remain at 8.25 percent for a ninth month, the central bank in Moscow said in a statement on its website today. That matched the prediction of 22 of 26 economists in a Bloomberg survey, with four forecasting a quarter-point cut. Some longer-term borrowing costs were cut for a third month, with the key lending and deposit rates kept unchanged.