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For the second consecutive month, the central bank surprised markets by raising the deposit rate.
But it commented that current rates will "be acceptable" in coming months.
The hike was only in the deposit rate that affects money-market rates and liquidity.
In the past 7 months, more than $50 billion usd has flowed out of Russia.
The Bank of Russia raised the overnight deposit rate by 25 basis points to 3.50%.
It held the refinancing rate at 8.25 % and the repo rate at 5.50 %.
