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CBR Seen Hiking For First Meeting in Seven

RUSSIA
  • The CBR are likely to hike its key rate at this juncture having held steady in the previous six consecutive meetings.
  • In June, the central bank stated that inflation trends remain elevated and that risks are skewed toward pro-inflationary ones. Since then, inflation has continued to climb toward the Bank’s 4% target while a weak RUB, which has lost almost 30% of its value against USD YTD, and surge in fiscal spending continue to pose upward risks to inflation in the coming months.
  • While there is no firm consensus among sell-side, estimates of the key rate decision range between unchanged and a 50-75bp hike.
  • Full preview including summary of sell-side views found here: https://roar-assets-auto.rbl.ms/files/54748/MNICBR...

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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