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CBR Expected to Keep Policy Rate Unchanged at 7.50%

RUSSIA
  • The CBR are expected to keep the key rate unchanged at 7.50% at today’s meeting (1030GMT, 1330 local time). Despite pressure from President Putin and his government to signal readiness to loosen monetary policy, Governor Nabiullina and her colleagues are so far unwilling to alter their neutral stance. Governor Nabiullina will hold a press conference at 1200 GMT/1500 local time.
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  • CPI data is on the docket at 1600 GMT/1900 local time, where inflation is seen cooling slightly to +11.63% y/y (Prior: +11.94%), +0.80% m/m (Prior: +0.78%).
  • Oil prices rose after Tass reported that Russia still sees a possibility its oil production could drop this year. The report cited comments made by Deputy Prime Minister Novak, who said that Russia plans to cut its March oil production voluntarily by 500,000 barrels a day in response to the western price caps. As of now, Russia is able to sell its oil volumes to foreign markets, but it does not want to adhere to the price restrictions imposed by Western nations, Novak said.
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