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Putin Says High Key Rate Temporary, 2023 GDP Growth May Exceed 4%

RUSSIA
  • "The Central Bank’s key rate in its today’s form is still temporary. Both Central Bank Governor [Elvira Nabiullina] and experts say it. As inflation-related issues are solved, as inflation declines I think this position will change," President Valdimir Putin said according to Tass. The CBR raised the key rate from 7.5% to 16% through 2023. In December, Governor Nabiullina said the cycle of the key rate hikes was close to completion.
  • The President added that Russia’s GDP growth may exceed 4% in 2023. “We expected [GDP] contraction by 2.1% in 2022, though it turned out 1.2%," Tass cite Putin as saying. "This is why GDP growth will probably be higher [in 2023]."
  • North Korea is looking to step up its military cooperation with Russia by sending Moscow new types of tactical guided missiles, South Korea’s defense minister said as per Bloomberg.
  • The Finance Ministry publishes planned FX operations in January and may report budget balance data for December later today.
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