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Economy Ministry Sees Risk of Overheating

RUSSIA
  • The Russian economy minister is cited in Vedomosti as, for the first time, acknowledging signs that the Russian economy is overheating, however he sees labour market constraints as not as serious as the CBR believe. He sees the economy as able to develop even with inflation above target, pointing to the current pace of growth being double the 10 year average.
  • Kommersant cite housing data showing completions across the country rose 1.6% on the year, driven by single-family construction after the multi-family sector slipped for a fourth consecutive month.
  • Russia's new defence minister, reshuffled over the weekend, has pledged to boost the efficiency of the army through the Ukraine war, targeting fewer battlefield casualties and maximising innovation to secure victory.
  • Trade balance data for March is set for release later today, while Nabiullina is set to attend a financial forum throughout the day.

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