Russia's central bank holds off on interest rate hike due to inflation

MOSCOW, Russia: Russia's central bank has decided to maintain its benchmark interest rate at 21 percent, a record high, to balance inflation pressures and the economic strain of increased military spending.

Central Bank Governor Elvira Nabiullina said the October rate hike, which brought the benchmark to its current level, had already tightened lending more than expected. The bank left the door open for a potent