Russian central bank raises key interest rate by 50 bps

MOSCOW, July 25 (Reuters) - Russia's central bank raised its key interest rate at a regular board meeting on Friday in an unexpected move, citing concerns about high inflation which remains well above the bank's target.

The decision brings the bank's central policy rate, the one-week minimum auction repo rate to 8.0 percent, after cumulative rate hikes of 200 basis points in March and April.

(Reporting by Lidia Kelly, Alexander Winning and Oksana Kobzeva; Writing by Lidia Kelly)