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Key Rate Expected to Be Held at 7.5%; Russian Aerial Attack Reaches Kyiv

RUSSIA
  • The key rate is expected to be held at 7.5% as inflationary risks remain skewed to the upside. CPI has recently dropped below the CBR’s 4% target, but the Board are expected to maintain their hawkish stance. The rate decision will be announced at 1130BST/1330 local time.
  • Russia unleashed a fresh wave of aerial attacks across Ukraine early Friday morning, killing at least five people and destroying several buildings, Bloomberg report. Explosions were heard in Kyiv, marking the first assault there in more than a month.
  • The Russian economy will contract 3.2% in 1Q, according to the latest results of a Bloomberg News survey. 2023 GDP is seen at -1.3% y/y versus -1.7% prior while 2023 CPI is seen at +5.8% y/y versus +5% prior.
  • President Putin will speak to the Council of Legislators in St. Petersburg this afternoon. Finance Minister Anton Siluanov will also address the council.
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