ANKARA
The Bank of Russia held interest rates unchanged at 11 percent, the central bank reported Friday.
The bank, in a statement, expressed concern about the ruble's 45 percent drop against the U.S. dollar this year.
"The depreciated ruble will continue to put pressure on prices in the next few months. However, the relatively tough monetary conditions and slack domestic demand will drag down annual inflation," the statement added.
Inflation in Russia was at 15.8 percent in August.
It was the first time in six months that the bank decided not to cut interest rates.
The Russian economy contracted 4.6 percent in the second quarter. But the bank appeared more concerned with supporting the ruble than with stimulating the economy at this point in time.
The ruble lost 0.3 percent against the U.S. dollar after the central bank's announcement.
