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CBR Cuts Rates by 300bps, to Consider Further Easing

RUSSIA

CBR cuts rates by 300bps to 11.00%, from 14.00% previously, a slightly larger cut relative to median consensus, but the estimates were wide-ranging.

Full policy statement here: https://www.cbr.ru/eng/press/pr/?file=26052022_103...


Statement highlights:

  • Latest weekly data point to a significant slowdown in the current price growth rates
  • Will take into account actual and expected inflation dynamics relative to the target and economic transformation processes
  • Holds open the prospect of key rate reduction at its upcoming meetings
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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