The Central Bank of Russia (CBR) kept its interest rate unchanged at 11.0% on Friday. This decision was widely expected by analysts.

This decision was driven by risks of higher inflation and an economic slowdown.

"August saw a serious deterioration in foreign economic conditions. Inflation and inflation expectations were showing a clear upward trend, impacted by the exchange rate dynamics. The depreciated ruble will continue to put pressure on prices in the next few months," the CBR said.

The central bank cut its interest rate five times in 2015.

The central bank noted that further interest rate decisions will depend on the risks of inflation and a slowdown in the economy.