The Central Bank of Russia held the benchmark refinancing rate unchanged at 8.25%, the fixed overnight deposit rate at 3.50%, and the overnight auction-based repurchase rate at 5.50%, while also leaving reserve requirements unchanged. The Bank said: "The decision was made following an assessment of inflation risks and risks for sustainable economic growth, including risks posed by the continued uncertainty over foreign market developments."
Previously Russia's central bank increased the fixed overnight deposit rate by 25 basis points to 3.50% at its May meeting this year. The Bank also said: "Annual inflation totaled 9.4 percent as of June 27 (9.6 percent in May). Consumer price growth decelerated in June, month-on-month, due to a slower growth and a fall in food prices." Bank Chairman Sergey Ignatiev is trying to keep inflation between 6% and 7%.