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Rates rise as Russia's Central Bank attacks inflation

February 04, 2008 | Russia Today

The Central Bank of Russia announced it's raising interest rates in an attempt to curb inflation. The bank released a statement saying that from Monday the key rate will rise by 25 basis points to 10.25 percent.

The bank says it will raise deposit rates and the refinance rate by the same amount.

Analysts are predicting continued inflationary pressure throughout the year. But they are voicing surprise the step has come while the CBR is dealing with a tight global credit environment.

Speaking on Friday, Deputy Director of the Central Bank, Gennady Melikyan, said managing inflation during the credit squeeze is a fine balancing act:

"It's not right to say 'we don't care about inflation, we care about economic growth.' If we ignore inflation, we won't be able to provide strong growth for the economy," he said.

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