Russia's benchmark interest rate remains '21% per annum' despite Putin inflation concerns

Russia's central bank unexpectedly kept its key interest rate at 21% per annum, with President Vladimir Putin expressing concern about rising prices in Russia.

Russia's central bank held a monetary policy meeting today (20th) to keep its key interest rate at 21% per annum, but announced that it would evaluate the need to raise interest rates at its next meeting.

Earlier, experts expected Russia to raise its key interest rate by at least 2 percentage points to curb soaring prices.

Russia has implemented a policy of curbing inflation by raising its benchmark interest rate as prices rise as a result of increasing spending with huge government budgets for the war in Ukraine.

Although frozen this time, the benchmark interest rate, which reaches 21% per year, is the highest level in Russia's history.

Putin called Russia's recent rise in inflation a "concerning sign" at his annual news conference the day before.