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Russian central bank raises key lending rate to 7.5 pct
April 25, 2014 / 9:41 AM / in 4 years

Russian central bank raises key lending rate to 7.5 pct

MOSCOW, April 25 (Reuters) - Russia’s central bank unexpectedly raised its key lending rate at a regular meeting on Friday, raising the key one-week minimum auction repo by 50 basis points to 7.5 percent from 7 percent.

The bank said that it took the decision because of a greater than expected impact of rouble devaluation on inflation and that the move would enable the bank to lower inflation to 6 percent by the end of 2014. It also said that it did not plan to cut rates in the coming months.

Reporting by Oksana Kobzeva and Lidia Kelly, writing by Jason Bush; Editing by Nigel Stephenson

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