In an expected move, Russia's central bank in its monthly board of directors meeting announced that it will keep its current interest rates steady. This was in spite of recent inflation that has exceeded the monetary authority's target range. The country's inflation as of early January was nearly 7% higher on a year-over-year basis, which the bank ascribed to higher food and transport prices.

However, the bank pointed out that growth in industrial production and retail sales "stabilized but remained subdued." Thus, "taking into account still relatively high bank lending growth rates, the risks of a significant economic slowdown stemming from the tighter monetary conditions are considered minor."

The next monthly meeting of the bank's board of directors will take place in early to mid-February.