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Russian central bank, fearing inflation, keeps key rate high

Boosted by a budding recovery in the price of oil, of which Russia is a main producer, the ruble had prior to the announcement crept back up to a 2016 high after slumping on the back of falling oil pricesRussia’s central bank on Friday kept its key rate steady as inflation fears outweighed any temptation to use recent ruble strength as an opportunity for a rate cut in a bid to help the economy. Boosted by a budding recovery in the price of oil, of which Russia is a main producer, the ruble had prior to the announcement crept back up to a 2016 high after slumping on the back of falling oil prices. A stronger currency typically dampens inflationary pressures as imports become cheaper, but the central bank let caution prevail.

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