Russia's central bank left its main refinancing rate unchanged for the seventh consecutive month, but reduced rates on long-term liquidity operations by a quarter point as it sees increased risks to economic growth.

The Bank of Russia on Tuesday decided to hold its refinancing rate at 8.25 percent as widely expected by economists. The bank also retained its one-week repurchase rate, which is used to provide banks with cash, at 5.5 percent and the overnight deposit rate at 4.5 percent.

The bank cut rates for repo, lombard and refinancing operations above 3 months by 25 basis points. The bank said the latest action will not have any significant impact on the money market interest rates.

The central bank was under pressure to cut rates to contain slowing growth.

The macroeconomic indicators pointed to a continuing deceleration of economic growth and increased risks of its deceleration, it said in a statement. The bank reiterated that it will continue to monitor inflation risks and risks of economic slowdown.

RTTNews