Russia's central bank held its key interest rate at 7.75 percent on Friday in line with market expectations, but said it could consider cutting rates as early as June.
Analysts polled by Reuters this month had unanimously expected the central bank to hold the rate for a third consecutive board meeting this year.
The bank had initially predicted that inflation would peak at 5.5 percent before slowing to its 4 percent target next year. But inflation, the main economic indicator it tracks, has been slightly lower than expected, hitting 5.3 percent last month. Expectations that the central bank will cut rates later this year have fuelled demand for OFZ government bonds in recent months because investors are eager to purchase the papers before their prices increase proportionally to a potential future cut.
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