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CBR Leave Key Rate Unchanged, May Consider Hikes at Next Meetings


The CBR left its key rate unchanged at 7.50%, as expected, though signalled it may hike at subsequent meetings.

Key highlights from policy statement (via BBG):

  • CBR to make rate decision based on CPI dynamics
  • CBR may consider rate hike at next meetings if inflation pressures build
  • Sees 2023 average key rate 7%-9%
  • Sees end-2023 inflation 5%-7%, saw 5%-7%
  • CPI to temporarily fall below 4% in next months
  • Sees 2023 GDP growth in -1% to +1% range

Click here to see full statement

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