Russia's central bank kept the key interest rate at 21%, postponing further increases as it struggles to curb inflation from government spending on the war against Ukraine.
The decision comes amid criticism from influential business leaders, including those close to the Kremlin.
The central bank said in a statement that credit terms have increased "more than expected", due to the interest rate hike last October, which led to the main rate reaching its current record level.
The bank added that it would assess the need for any future increases at its next meeting and that inflation is expected to decline to an annual rate of 4% next year from the current 9.5%.
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