The Central Bank of the Russian Federation held its key refinancing (refi) rate at 7.75% but raised the reserve requirements for foreign companies by 100 basis points to 3.5% from 2.5%, with the reserve requirements for retail clients up 50 basis points to 3.0% from 2.5%. Russia recorded inflation of 8.8% during 2010, which was higher than the Bank of Russia's forecast of 6% to 7%. The Russian government has set an inflation target for 2011 of 7%, however Deputy Economic Development Minister Andrei Klepach previously noted that inflation may top 8% this year.
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