March 17, 2023 08:42 GMT
CBR Expected to Hold Key Rate at 7.5%; Xi to Visit Russia Next Week
- The Russian central bank is expected to keep the key policy rate unchanged at 7.50% at today’s meeting (1030GMT/1330 local time). Inflation risks do not yet justify a rate hike, while the pace of disinflation and poor activity data does not warrant restarting the easing cycle. Nabiullina’s press conference follows at 1200GMT/1500 local time.
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- Chinese leader Xi Jinping will travel to Russia on a state visit next week, his first trip to Russia since it invaded Ukraine, Bloomberg report. Xi will be in Russia from March 20 to 22, according to a statement from China’s Foreign Ministry on Friday. During the trip, Xi is expected to discuss China’s recently released 12-point blueprint for ending the war in Ukraine, a document dismissed by most Western governments. The criticism of the plan was more muted from Ukraine, which has tried to avoid alienating Beijing since the start of the war.
- President Putin will hold a meeting with officials on Crimea development today. There are no other major releases on the docket.