Russia’s Central Bank has left interest rates unchanged amid turmoil surrounding the rouble’s decline, falling oil prices and rising inflation.<br /><br /> After four cuts this year, the benchmark rate remains at 11 percent in a move that was widely expected.<br /><br /> The news was announced by the Governor of the Bank of Russia, Elvira Nabiullina.<br /><br /> “Taking into account external factors and the latest statistics, we have reviewed our forecast for the current year. Our main scenario predicts a shift to an upward trend of economic growth in the second part of next year,” she said.<br /><br /> In the meantime forecasts for 2015 make gloomy reading.<br /><br /> Inflation is running at an annual rate of 15.8 percent, although it is predicted to slow to around 7 percent by next September.<br /><br /> Meanwhile the economy is expected to contract by between 3.9 and 4.4 percent. <br /><br /> Russia relies on oil and gas for revenue – so a halving of oil prices over the past year has had a serious impact. The dependence on oil is behind the rouble’s
