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CBR Will Consider Hiking Rates at Upcoming Meetings; Putin to Meet Belarus’ Lukashenko

RUSSIA
  • Interfax reports that the CBR will consider the case for rate hikes at its upcoming monetary policy meetings due to increasing inflationary risks. The Bank held its key rate at 7.5% in March, with policymakers set to convene on April 28 for the next rate review. “This decision is not predetermined, and in fact the decision will depend on the development of events received by the data”, the Deputy Chairman of the central bank said.
  • Elsewhere, the news agency noted that the Duma committee had to postpone yesterday’s debate on the CBR annual report due to the absence of senior officials. The meeting was rescheduled for April 10.
  • S&P Global's Composite PMI for Russia rose to 56.8 in March from 53.1. This marks the highest reading since August 2020 and the second consecutive month of expansion. The Services PMI rose to 58.1 from 53.1 in February, again marking the highest reading since August 2020.
  • President Putin plans to hold a virtual meeting of the Russian Security Council today concerning Russia-occupied regions of Ukraine. Putin will also hold talks with his Belarusian counterpart Alexander Lukashenko in Moscow. Tomorrow, the pair will take part in a meeting of the Supreme State Council of Russia and Belarus.
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