The board of directors of the Bank of Russia has decided to keep the key rate at 7.5% per annum, the regulator said in a press release following the board meeting on Friday.

"The domestic financial market has stabilized in the time since the previous board meeting. However, pro-inflationary risks remain elevated, especially over a short-term horizon. The uncertainty over future external conditions persists," the Central Bank said.

The regulator will consider the necessity of further increases in the key rate, taking into account inflation and economic dynamics against the forecast, as well as risks posed by external conditions and the reaction of financial markets.