Russia holds key rate at 4,45%

The Central Bank held its key rate at 4.25% on Friday, but said more cuts were likely before the end of the year.Russia’s Central Bank held its key rate at 4.25% on Friday after successive rounds of interest rate cuts after a surprise jump in inflation over the summer and a recent fall in the ruble.But further rate cuts are likely before the end of the year as the pace of economic recovery appeared to be slowing, according to Governor Elvira Nabiullina. Russia’s interest rate is currently at its lowest-ever level after the Central Bank has slashed two percentage points from it so far this year in a bid to get the Russian economy firing as it emerges from the coronavirus pandemic.The Russian ruble has lost 8% against the U.S. dollar in the last three months and is down more than 20% since the start of the year.