俄罗斯央行在12月的会议上将其关键利率维持在21%的历史高点不变，这让市场感到意外，市场预计利率将上调200个基点至23%。此前有报道称，俄罗斯央行行长纳比乌利纳最近与普京总统和俄罗斯商界领袖进行了交谈，尽管通货膨胀飙升，但他们一直反对高利率。央行将低信贷活动作为暂停加息的理由，但重申，在家庭和企业的预期提高的情况下，潜在通胀继续上升，推动该行对2025年和2026年的通胀预测上升。央行还指出，卢布大幅走弱、预算支出不平衡以及持续的劳动力危机导致了通货膨胀飙升。11月的数据显示，年度整体通胀率为8.9%，但CBR的早期预测显示，12月的通胀率接近9.5%，为2023年2月以来的最高水平。

The Bank of Russia held its key interest rate unchanged at the record high of 21% in its December meeting, surprising markets that expected a 200bps rate hike to 23%. The decision took place following reports that CBR Governor Nabiullina recently talked with President Putin and Russian business leaders, who have been vocal against high interest rates despite soaring inflation. The central bank cited low credit activity as the warrant for the pause in rate hikes, but reiterated that underlying inflation continued to rise amid higher expectations from households and business, driving the bank’s inflation forecast to rise for 2025 and 2026. The central bank also noted that the significant weakening of the ruble, unbalanced budget spending, and the ongoing labor force crisis contributed to soaring inflation. November data showed that annual headline inflation was at 8.9%, but early forecasts from the CBR have December's print near 9.5%, translating to the highest since February 2023.