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CBR to Hold Unscheduled Meeting Aug 15

RUSSIA
  • The CBR will hold an extraordinary key rate meeting tomorrow.
  • This is an unscheduled meeting. The next meeting was not scheduled until September 15.
  • Earlier today, the USD/RUB exchange rate broke 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, though ruled out intervention to support the exchange rate.

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