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CBR Key Rate Decision Coming Up (0830BST/1030 local time)

  • The CBR will announce their decision on the key rate at 0830BST/1030 local time after holding an emergency meeting. In July, the CBR hiked the key rate by 100bps to 8.5% - the first increase since February 2022. Local newspaper Kommersant write that the expectation is for a rate hike to between 10-13%.
  • The USD/RUB exchange rate broke above the psychological 100 handle yesterday for the first time since Russia’s invasion of Ukraine in March 2022. A Kremlin spokesperson said the main reason for the weak RUB is loose monetary policy, while CBR Governor Nabiullina has repeatedly pointed to the deterioration in foreign trade conditions as the main reason for the RUB’s weakness, while ruling out intervention to support the exchange rate. USDRUB pared yesterday's gains following the CBR's announcement in the afternoon.
  • Elsewhere, Foreign Minister Sergei Lavrov, Defense Ministers of Russia and China’s Sergei Shoigu and Li Shangfu will attend an international security conference in Moscow today.

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