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CPI Expected to Slow on Base Effects (Est: 3.40% y/y; Prior: 10.99%)

RUSSIA
  • There is no need to bring back the mandatory repatriation of companies’ FX revenues, Bank of Russia Governor Elvira Nabiullina said according to Interfax. Nabiullina added that the full removal of capital controls is impossible, and that the CBR will update its macroeconomic forecast at the next rates meeting, Tass reports.
  • Deputy Prime Minister Denis Manturov is expected to visit India this month, Mint newspaper reported, citing unnamed people with the knowledge of the matter. Manturov will attend a meeting of the India-Russia Inter-Governmental Commission on trade, economic, scientific, technological and cultural cooperation, the news outlet says.
  • Russia’s Strategic Missile Forces conducted a successful test launch of an intercontinental ballistic missile (ICBM) on April 11, the Defense Ministry said, according to Tass. The purpose of the launch was to test “promising combat equipment” for ICBMs and to “confirm the correctness of schematic, structural and technical solutions used in the development of new strategic missile systems,” Tass cites the Ministry as saying.
  • The federal statistics agency will report both weekly and monthly CPI data for March. The yearly figure is expected to fall markedly to 3.99% from 10.99% y/y in February - largely on the back of base effects - while the monthly figure is seen at 0.30% versus 0.46% prior. Data will be released at 1700BST/1900 local time. The Bank of Russia may also report trend inflation estimates.
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