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CBR Hold Key Rate at 7.5% and Maintain Hawkish Bias

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  • The CBR left its key rate unchanged at 7.5% on Friday and kept its hiking bias, in line with unanimous sell-side expectations. In its accompanying press statement, the CBR stated that “forthcoming Board meetings will consider the necessity of a key rate increase”.
  • In addition, the Bank published a quarterly update of its medium-term forecasts which included a downward revision of the year-end inflation forecast for 2023 from 5.0%-7.0% to 4.5%-6.5%. The range for the 2023 average key rate forecast narrowed from between 7.0%-9.0% to between 7.3%-8.2%.
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  • The CBR left its key rate unchanged at 7.5% on Friday and kept its hiking bias, in line with unanimous sell-side expectations. In its accompanying press statement, the CBR stated that “forthcoming Board meetings will consider the necessity of a key rate increase”.
  • In addition, the Bank published a quarterly update of its medium-term forecasts which included a downward revision of the year-end inflation forecast for 2023 from 5.0%-7.0% to 4.5%-6.5%. The range for the 2023 average key rate forecast narrowed from between 7.0%-9.0% to between 7.3%-8.2%.