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CBR To Hold Emergency Rate Meeting on May 26

RUSSIA
  • The Bank of Russia will hold an emergency rate meeting on May 26 (10.30am Moscow Time).
  • The central bank mentioned that it will probably cut rates again after the 300bps cut in April, as policymakers are trying to manage a shrinking economy and surging inflation.
  • Some analysts expect Russia economy to plummet by up to 30% in 2022.
  • EU Economy Commissioner Gentiloni mentioned on Bloomberg TV that the bloc has been working to build agreement on Russia oil embargo in the coming days.
  • This follow VdL comments yesterday that she does not expect any agreement on oil embargo at the EU Summit next week.

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