Russian Central Bank Holds Interest Rate at 16% to Curb High Inflation
- Russia's Central Bank held its key interest rate at 16% amid still high inflation
- Prices rose 7.4% annually in January, well above the 4% target
- High military spending has largely shielded economy from sanctions impact
- Labor shortages and strong demand are driving inflation
- High interest rates expected to be maintained for a long time to curb inflation