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CBR Expected to Hold Rates Steady, Consumer Confidence at Multi-Year High

RUSSIA
  • The Central Bank of Russia are unanimously expected to stand pat on rates at 16% given persistent inflationary concerns. Economic activity data points to robust domestic demand, while the labour market remains tight. Moreover, expectations of looser fiscal policy will further justify the Bank’s ‘higher-for-longer’ stance.
  • The rate decision itself is at 10:30 GMT. Governor Nabiullina will hold a press conference at 12:00 GMT. See the full MNI Preview, with a summary of sell-side analyst views, here.
  • The consumer confidence index in Russia rose to the highest level in 10 years in the first quarter of 2024, Rosstat reported yesterday afternoon. Confidence rose to -7 in Q1-2024 from -13 in Q4-2023. All components of the index rose, including expectations for the economy in the short term, personal prosperity and prospects for future growth.

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