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CBR Rate Decision Coming Up (10:30GMT), Key Rate Expected Unchanged

RUSSIA
  • The CBR are widely expected to keep rates unchanged at 16%. Governor Nabiullina said in December that the rate hike cycle is probably nearing its completion, and indeed no analyst surveyed by Bloomberg foresees an additional hike at this juncture. Meanwhile, incoming economic activity and inflation data are far from warranting the start of rate-cut discussions.
  • An updated set of macroeconomic forecasts will be released alongside the policy statement. Nabiullina will hold a post-meeting press conference at 12:00GMT/15:00 local time.
  • Note this meeting will be the first for which the central bank will provide a post-meeting summary (released six working days after the decision) and therefore the central bank have said the policy statement will be more concise than previously.

Our preview for the meeting can be found here.

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