Brazil's inflation remained well above the central bank's target range in its mid-July reading, official data showed on Friday, as policymakers gather next week for a meeting at which they are widely expected to hold interest rates at a two-decade high.

Russia’s Central Bank slashed its key interest rate by 2 percentage points on Friday, a notable shift after months of high rates that helped tame inflation but also made borrowing painfully expensive for businesses and consumers alike.