The Board of Directors maintained the key rate at 7.50% per annum. The bank has raised the rate by a cumulative 200 basis points since February.
The escalation in the
But the bank forecast economic growth to improve slightly in the second half of 2014 against the backdrop of alleviated geopolitical tension and improving producer sentiment.
Inflation rose to 7.6% in May, well above the target range of 5-6%.
"Maintaining current monetary policy stance will ensure a slowdown in consumer price inflation to the target levels in the medium term," the bank said in a statement.
"Taking into account that monetary policy influence on the economy is distributed over time, inflation slowing to the 5.0% target in 2014 is unlikely."
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