Trial now

Risk Assets Struggling On Evergrande Worry?


Lower For Third Session


ACGB Purchase Offer Details


Plenty Of Holidays In Play This Week

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

Rate Decision:

  • "The decision is based on a significant review of macroeconomic forecasts... The notable policy step we have taken is needed in order to bring inflation in line with the target."* "Deposit and loan rates were not as quick to react to the policy rate adjustment as the OFZ bonds, today's decision is aimed at speeding up this process."
  • "The neutral (policy rate) range remains at 5-6% given inflation close to 4%... It is premature to say whether this rate hike is going to be the last one in the policy tightening cycle."


  • "The first signs of inflationary pressure weakening appeared in the first half of July but this is not yet sufficient to talk about sustainable inflation slowdown."
  • "We must not put up with elevated inflationary expectations so that they do not anchor on this high level."
  • Outlook Revision:
  • "According to our forecasts, the OPEC+ oil output increase will add 0.1 percentage point to GDP growth in 2021 and 0.2-0.3 percentage point in 2022."
  • "A good (grain) harvest may provide for more significant food price decline."


  • "There are signs of overheating in the unsecured loan market. Taking into account data for the last few months, we will decide on additional measures to cool down this segment."
  • "Geopolitical risks are also something to which we continue to pay attention."