The Russian Central Bank on Monday announced a decision to leave its key interest rate unchanged at 8 percent.

The bank made this monthly decision based on expectations that the inflation rate in Russia would speed up in the second half of 2012.

By March, the annual inflation rate amounted to 3.7 percent, which was the lowest in modern Russian history, the bank said, adding that this trend was expected to be short-lived.

"Medium-term inflation risks are boosted by administered prices and tariffs hike scheduled for July and uncertainties of how they will affect the consumer prices," the bank explained.

Besides, according to the current internal and external macroeconomic trends, the bank considered "acceptable" the current key interest rates in the coming months.

The bank increased its refinancing rate to 8 percent on Feb. 28 last year from a historical low of 7.75 percent. It then raised the rate again to 8.25 percent in May. On Dec. 23, it cut the rate to 8 percent.