Russia's central bank on Friday left its key interest rates unchanged at 21%, citing monetary tightness as Moscow wages its ongoing battle with sky-scraping inflation.

Colombia's central bank on Friday cut its benchmark interest rate by 25 basis points to 9.50%, a smaller move than expected by markets, as it slowed the pace of its easing due to domestic fiscal uncertainty and decisions by its peers around the world.

Policymakers in Frankfurt indicated a clear dovish shift, but exactly where they will stop rate cuts remains a topic of debate.

The Russian central bank kept its key interest rate on hold at 21% on Friday, surprising the market, which had expected a 2 percentage point increase, and saying recent tightening had created conditions for inflation to fall towards its target.

The Swiss National Bank cut the rate to 0.5% from 1%, matching the half-point move announced by Canada’s central bank. Most investors expect the European Central Bank to announce a quarter-point cut later Thursday.

The Bank of Russia held its key interest rate at a record-high 21%, surprising most analysts who’d expected policymakers to opt for another big hike to try to tame persistent inflation.

The decision has brought criticism from influential business figures, who say high rates are hindering business activity and preventing growth.View on euronews