Russia’s central bank is unlikely to raise its key interest rate by more than 100 basis points in December as challenges facing the economy are less dramatic than in 2014, at the height of the Crimean crisis, Governor Elvira Nabiullina said on Thursday. The Bank of Russia has raised its key rate six times so far this year and is widely expected to hike again at its Dec. 17 meeting after inflation neared a six-year peak in November. “In the baseline scenario, we estimate the highest increase in the key rate as 100 (basis points),” Nabiullina said at the Reuters Next conference.

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