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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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.