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CBR Policy Report Sees Key Rate Between 6.5 - 8.5% Next Year

RUSSIA
  • The Bank of Russia's monetary policy report sees the bank holding the key rate through 2023 in a range between 6.5 and 8.5%, with the 2024 key rate averaging at 6 - 7%. This implies the possibility of further cuts to the key rate from its current level of 8.00%.
  • On sanctions, the CBR write that Russia may need 18 months to adjust to sanctions and capital controls may be further loosened.
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  • The Bank of Russia's monetary policy report sees the bank holding the key rate through 2023 in a range between 6.5 and 8.5%, with the 2024 key rate averaging at 6 - 7%. This implies the possibility of further cuts to the key rate from its current level of 8.00%.
  • On sanctions, the CBR write that Russia may need 18 months to adjust to sanctions and capital controls may be further loosened.