Russia’s central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government’s spending on the war against Ukrain

Russia's central bank left its benchmark interest rate unchanged on Friday, confounding expectations for a sharp hike. The board of

Russia's central bank kept interest rates at 21 percent on Friday despite surging inflation, a surprise decision that follows criticism from the country's political and business elite over the effects of higher borrowing costs on the economy.