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Russia Central Bank Holds Key Rate at 14%

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Story summary
  • Russia's Central Bank kept its key interest rate at 14% on Friday.
  • The bank said rising fuel costs from Ukrainian drone attacks and reduced production capacities hinder inflation control.
  • Annual inflation hit 6.3% on Sept. 7, with a full-year forecast of 6%-7%.
  • Policymakers expect price growth to fall toward a 4% target next year.
  • GDP growth this year is projected at near-stagnant 0%-1%.