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CBR Removes Talk of Easing Space in 2021 from Statement

RUSSIA
  • interesting to note the removal of any mention for additional room to ease rates in this statement vs the December statement
  • meaning further cuts on a moderation of inflation into the back end of the year is unlikely to be met with a 25bp cut as was previously hinted at in December
  • "Bank of Russia will assess the subsequent developments and the existence of a potential for additional key rate reduction"
  • This is further supported by comments aimed at returning to neutral monetary policy
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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