Russian Central Bank has kept its annual interest rate unchanged at 10.5 percent, the financial regulator said in the press release Friday.
"The Bank of Russia's Board of Directors has decided on July 29, 2016 to keep the annual interest rate unchanged at 10.50%. The Board of Directors notes that the dynamics of inflation, and the outlined revival of economic activity mostly correspond to the baseline forecast of the Bank of Russia. However, the decline in inflation expectations has been halted. The decision and further maintenance of moderately tight monetary policy will contribute to achieving the inflation target," the statement reads.
In addition, the regulator said that the annual inflation slowed down to the 7.2 percent as of July 25.Sputnik
Russian Central Bank Maintains 10.5% Annual Interest Rate