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CBR to Consider Advisability, Timeframe for Lowering Inflation Target

RUSSIA
  • The CBR will assess the advisability and possible timeframe for lowering its inflation target after the inflation rate stabilises near 4% and general economic uncertainty subsides, the bank said in draft guidelines for the government's monetary policy for 2024-2026. "If the Bank of Russia makes a decision to lower the level of the target it will be announced ahead of time (several years before the change) to minimise the short-term costs of transitioning to the new target level," the CBR said.
  • The USD/RUB exchange rate has broken above the psychological 100 handle for the first time since Russia’s invasion of Ukraine in March 2022. A Kremlin spokesperson said the main reason for the weak RUB is loose monetary policy, while CBR Governor Nabiullina has repeatedly pointed to the deterioration in foreign trade conditions as the main reason for the RUB’s weakness, while ruling out intervention to support the exchange rate.
  • Bloomberg report that the Russian navy opened fire on a cargo vessel in the Black Sea to force it to stop for checks, the defense ministry said, the first such confirmed incident since Moscow withdrew from the grain export deal in July. When the vessel finally stopped and was inspected by Russian soldiers, it was allowed to resume its journey to Ukraine.
  • China’s defense minister Li Shangfu is visiting Russia for an international security conference, China’s Ministry of National Defense says in a statement. Li will meet defense leaders from Russia during his trip.
  • There are no notable data releases on the docket today. PPI data is the key release of the week tomorrow.
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