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Nabiullina: Rate Moves May be More Gradual in 2022

RUSSIA

Nabiullina presser:

  • NABIULLINA: WE'RE NOT LOOKING TO BRING CPI TO TARGET QUICKLY
  • BANK OF RUSSIA'S ZABOTKIN: MONTHLY INFLATION PEAKED IN MARCH
  • NABIULLINA: FURTHER RATE MOVES MAY BE MORE GRADUAL THIS YEAR
  • NABIULLINA: 200BPS-300BPS CUTS WERE DISCUSSED TODAY
  • Nabiullina: economic activity will rebound in 2023, but be limited by high base effects. FY23 GDP expected at 0 to -3%
  • Nabiullina: Labour market conditions mostly stable
  • BOP: Russia set to see a record current account surplus due to a contraction in imports in 2022
  • 2023 will see a notable decline in CA surplus as exports decline in line with falling commodity prices and a shift in the composition of import/export demand
  • Nabiullina highlighting uncertainty in supply/demand dynamics, which will have an impact on CBR decisions alongside expectations and RUB developments
  • Notes the composition of both supply/demand are changing, but the balance of risks is in favour of proinflationary factors but this could change
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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