Russia’s central bank left its key interest rate unchanged on Friday, taking a pause in aggressive monetary easing as renewed weakness in the ruble pushes up inflation.
The central bank left its main rate unchanged at 11 percent following its latest monetary policy meeting, a move widely expected by economists.
In a statement, the central bank said that currency moves had impacted inflation and inflation expectations, which were both on a rising trend.
The Russian ruble has declined almost 10 percent since the central bank last met in late July, fueling inflation which is running at an annual rate of almost 16 percent.
Russia has slashed rates a hefty 600 basis points so far this year to spur growth in an economy battered by a rout in oil prices and sanctions from the West for intervention in Ukraine.