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The Bank of Russia surprises consensus of steady policy with a 25 basis point hike in its...

The Bank of Russia surprises consensus of steady policy with a 25 basis point hike in its benchmark rate to 5.5%. The bank notes the 6.3% rate of inflation is above the 2012 target range, and may be set to go higher. Not mentioned in the statement, the bank must surely be aware of the boon to economic growth coming from high oil prices.
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