Analysts polled by Reuters in late January had on average predicted that the central bank will cut its key rate by 25 basis points to 6pc as inflation hovered well below its 4pc target.
But a recent spike in volatility in financial markets and the rouble, due to concerns about the outbreak of a new coronavirus in China, may speak for holding the rate after five consecutive cuts in 2019.
A government reshuffle in Russia that unexpectedly took place last month is also seen as a factor that favours postponing a rate cut as it raises uncertainty about fiscal spending.
The rouble was 0.2pc stronger at 63.25 by 0712 GMT, heading away from its two-month low of 64.11 hit earlier this week amid a global increase in risk aversion due to the outbreak of the new flu-like virus.
Against the euro, the rouble gained 0.2pc to 69.41.
The central bank's statement on its monetary policy plans that will accompany the rate decision will be the main factor that can affect the rouble, said Bogdan Zvarich, chief analyst at Promsvyazbank.
The rate decision is due at 1030 GMT, which will be followed by a news conference with Central Bank Governor Elvira Nabiullina at 1200 GMT.
Russian stock indexes traded higher, following a 0.5pc increase in Brent crude futures to $55.16 per barrel
The dollar-denominated RTS index was up 0.5pc to 1,547.7. The rouble-based MOEX Russian index was 0.4pc higher at 3,108.0, climbing towards its all-time high of 3,226.89 hit in late January before a global market sell-off began.
Shares in Russian oil giant Rosneft underperformed the market by falling 2.4pc on the day to 464.4 roubles ($7.33).