Last month the central bank viewed the shortage of rubles as a short-term supply shock and indicated no need for a policy change but, unlike in previous statements, this time it omitted to say current rates would be adequate "in the foreseeable future". 

"We read this to suggest that the central bank may indeed be preparing the ground for rate cuts in the near future," Ivan Tchakarov, chief economist at Renaissance Capital said in a note. 

"Tighter monetary conditions, as a result of the banking sector turning (from a liquidity surplus) to a ...deficit ... are expected to continue in the medium term," the bank said on Friday. 

Facing possible write-offs on sovereign debts of troubled euro-zone members led by Greece, units of Italian, French and Austrian banks operating in Russia have ramped up their net foreign asset positions, helping to fund their parent banks. 

The central bank said on Thursday it was worried about the scale of borrowing by those banks from their local subsidiaries and might regulate outflows of capital to support liquidity and reduce the risk of financial shocks.

Analysts at ING also said in a note that the statement indicates the bank is prepared "for more accommodative policy in the future, especially if global sentiment continues deteriorating".

Friday's decision, which the bank deemed "acceptable for ensuring a balance between inflationary risks and risks of economic slowdown", had been expected and the ruble showed little reaction, continuing to hover near one-month lows against the dollar. The refinancing rate, a basis for retail loans, was kept at 8.25 percent while the one-day repo rate, the money market benchmark at times of liquidity handicaps, was left at 5.25 percent. 

The deposit rate, at which banks could place funds at the central bank, was also unchanged at 3.75 percent for the second month in a row. 
 
INFLATION

The central bank said the recent tightening of money market liquidity may help to keep inflation in check. Overnight interbank lending rates have been at 5.0-5.5 percent since mid-October, the highest since early 2010. 

Consumer inflation is running at 5.6 percent little more than a month before the year-end, well below the central bank's full-year target ceiling of 7.0 percent.    

Ruble liquidity, measured by banks' balances on correspondent and deposit accounts with the central bank, fell to 740 billion rubles ($23.50 billion)- half the volume seen early in the year. 

Any decline below 1 trillion rubles in Russia tends to trigger a rise in money market rates and raises demand for funding from the central bank. 

The currency hovered at a six-week low of 31.66 versus the dollar and at 36.3 versus the euro-dollar basket. 

A Reuters monthly poll this week showed the central bank is expected to keep rates unchanged for the rest of the year and start easing monetary policy slightly by the end of the first quarter of 2012.

"All in all, (Friday's) statement is on the hawkish side - thus do not expect any policy easing ahead," analysts at Nordea said in a note. "It seems the central bank is ready to tolerate lower liquidity/higher rates for the sake of the stronger ruble." 

"I think currently they (the central bank) have no interest in supporting the ruble with rate hikes, as a weaker ruble is likely to support domestic production and inflation is low by Russian standards anyway," said Sanna Kurronen, an analyst at Danske bank in Copenhagen. 

The next central bank interest rate meeting is scheduled for the end of December.