Russia’s central bank held its key interest rate at 16%, opting for caution despite a marginal slowdown in inflation and declining inflation expectations. With inflation easing gradually but remaining high, the bank considers it premature to conclude the inflationary trend has fully abated. Russia experienced a slight decrease in inflation from 7.7% to 7.6% in a week of March, amid an economy pushed by heavy military expenditure, achieving 3.6% growth in 2023.