The Bank of Russia raised the refinancing rate by 25 basis points to 8.25% from 8.00% and raised the overnight deposit rate by 25 basis points to 3.25% from 3.00%. The Bank said "The decision was taken in connection with the persistent level of high inflation expectations, which exceed targets for this year,". Russia reported annual inflation of 9.6% in April up from 9.5% in March, and above the 2011 inflation target of 7%.
www.CentralBankNews.info
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