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FXstreet.com (Barcelona) - The refinancing rate at 8.25% remained steady by the Central Bank of Russia, that also left the overnight deposit rate at 4.50% and the overnight repo rate at 5.50% unchanged. TD Securities noted a prevailing concern on inflation rather than growth, pointing that the last paragraph of the statement was removed ("considering recent domestic and international macroeconomic developments the Bank of Russia judges that the current level of money market interest rates is appropriate for the near future").

"In accordance with this change, we believe the CBR may be preparing to tighten monetary conditions again if inflation does not ebb in the near future", wrote analyst Jacqui Douglas. "This is in line with a view we have long held, but that we are currently revising in the light of a higher inflation target for 2013 than originally planned", Douglas concluded.

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