Russia's central bank raised its key interest rate by 100 basis points on Friday, to bring the inflation to the target.
The Board of Directors decided to increase the key rate to 6.50 percent from 5.50 percent. The outcome of the meeting came in line with economists' expectations.
The bank has lifted its benchmark rate by a cumulative 225 basis points since March.
The central bank said, "The balance of risks remains significantly shifted towards proinflationary ones." Policymakers viewed that high inflation expectations may cause inflation to deviate upwards from the target for a longer period.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.