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Commerzbank See 200bps CBR Rate Cut Following Nabiullina's Confirmation

RUSSIA
  • On yesterday's confirmation for Bank of Russia's Nabiullina second term, Commerzbank write that Nabiullina clearly signalled that the CBR board will discuss key rate cuts at next week's meeting. She also indicated that the Bank does not favour the recent development toward a two-tiered FX scheme (i.e. Onshore and offshore rates).
  • Based on the stabilisation of domestic inflation, Commerzbank write that a rate cut signal makes sense from a policy perspective, and expect something in the range of a 200bps rate cut next week.
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  • On yesterday's confirmation for Bank of Russia's Nabiullina second term, Commerzbank write that Nabiullina clearly signalled that the CBR board will discuss key rate cuts at next week's meeting. She also indicated that the Bank does not favour the recent development toward a two-tiered FX scheme (i.e. Onshore and offshore rates).
  • Based on the stabilisation of domestic inflation, Commerzbank write that a rate cut signal makes sense from a policy perspective, and expect something in the range of a 200bps rate cut next week.