Only one of nine respondents had predicted the Russian central bank’s decision, while another expected the key rate to remain unchanged. The Bank of Russia will keep monetary conditions as tight as necessary to return inflation to target in 2026,” the central bank said in its statement. Industrial output rose just 0.7% in July, down from 2% in June and about half the rate economists expected. “Inflationary risks continue to outweigh disinflationary ones over the medium term,” the central bank said Friday, citing high inflation expectations and worsening external trade terms. The Bank of Russia has scheduled its next rate-setting meeting for October 24.