The central bank had previously hiked rates at five successive meetings over a six-month period Russia’s central bank left its key interest rate unaltered at 16% at its scheduled meeting on Friday, saying that tight monetary policy will be necessary to return stubborn inflation back to target levels.

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Russian Prime Minister Mikhail Mishustin on Saturday unveiled his first picks for the new cabinet, which is set to undergo a major reshuffle. It was announced on Friday that Mishustin, who has led the country’s government since 2020, would retain his post.