As forecast, Russia's central bank left the interest rate on hold on Tuesday, and will keep it stable in the coming months.
The central bank signaled no rise in interest over the next few months because it does not expect drought-related price rises to threaten mid-run inflation targets. The benchmark refinancing rate was left at a record low of 7.75 percent for the third month in a row.
The central bank said stable rates should encourage further growth in lending activity and provide support for the economy. It also noted that the recovery of economic growth is not steady in Russia, another reason not to tighten policy.