CBR hikes key rate 25 bps to 6.75%

MOSCOW. Sept 10 (Interfax) - The board of directors of the Central Bank of Russia at its meeting on Friday decided to hike the key rate 25 basis points to 6.75%, electing a short step contrary to analysts' expectations.

Most analysts surveyed by Interfax beforehand expected the CBR to increase the rate by 50 bps, while some economists allowed for an increment of 25 bps.

The Bank of Russia hiked the rate by as much as 100 bps to 6.5% in July, accompanying its decision with the statement that "if the situation develops in line with the baseline forecast, the Bank of Russia will consider the necessity of further key rate increase at its upcoming meetings."