MOSCOW: The Russian central bank said on Monday that the current pattern of inflation pressure confirms it was right to raise interest rates last month and pave the way for a return to a neutral monetary policy.

Last month, the central bank raised its key rate to 4.5pc, embarking on a monetary tightening cycle triggered by a weaker rouble that pushed inflation higher and by geopolitical risks that stirred up the markets.

The central bank has said before that it sees its main interest rate as "neutral" at 5pc-6pc.