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Russian Central Bank Leaves Key Interest Rate Unchanged

  • Majority of 36 analysts predicted benchmark will stay at 11%
  • Inflation expectations still pose a challenge for central bank
Bloomberg business news

Inflation May Hold Challenges for Russia Central Bank

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Russia’s central bank left its benchmark interest rate unchanged for a third consecutive meeting as a slump in oil prices triggered a new bout of ruble weakness, raising the risk of faster inflation.

Policy makers held the one-week auction rate at 11 percent, the Bank of Russia said in a statement on Friday. Twenty-two of 36 economists predicted the move, with the rest forecasting a reduction of 50 basis points, according to a Bloomberg survey. The central bank said it will restart easing if price growth slows in line with its forecasts and inflation risks recede.