Russia's central bank has left its refinancing rate unchanged at 7.75 percent despite an increase in inflation to 5.9 percent as of August 23, the bank said on Tuesday.

"However, the bank does not see any reason for concluding that these price shocks have a negative impact on inflation in the medium and long-term prospect. The Bank of Russia continues monitoring the impact of the factors on inflation processes," the bank said in a statement.

From April 2009 to June 2010, the bank has cut the rate 14 times to 7.75 percent from 13 percent and stopped doing so in June.

The next meeting of the central bank's board of directors, which will consider the rate policy, is scheduled for September.

MOSCOW, August 31 (RIA Novosti)