The Bank of Russia left its key interest rate unchanged again on Friday but the forward guidance turned hawkish in the face of rising inflationary pressures.
The Board of Directors of the Bank of Russia, led by Governor Elvira Nabiullina, decided to retain the key interest rate at 7.50 percent.
"In the context of gradually rising inflationary pressures, the Bank of Russia holds open the prospect of increasing the key rate at its next meetings to stabilize inflation close to 4 percent in 2024 and further on," the bank said in a statement.
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