Russia leaves interest rates on hold

Russia’s central bank left key interest rates at 10 per cent, saying that the country was on track to meet a target of lowering inflation to 4 per cent by the end of 2017.

“The economy is recovering faster than was expected earlier,” the central bank said in a statement on Friday. “But the slowdown in consumer price growth is partially influenced by temporary factors.”

Plans announced earlier Friday to buy up Rbs6.3bn in forex to weaken the rouble over the next month will not affect governor Elvira Nabiullina’s long-coveted 4 per cent inflation target, the central bank added.