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RUSSIA: CBR Deputy Governor Says 100-200bp Rate Hike Likely in July

RUSSIA
  • The Bank of Russia’s board will most likely consider a rate hike of 100-200bps at the next meeting on July 26, Deputy Governor Alexey Zabotkin said according to Tass. He added that annual inflation will likely peak in July, with disinflation expected in September.
  • As a reminder, while the CBR ultimately opted for a hold decision at its previous rate-setting meeting, the minutes stated that “if convincing evidence of the implementation of an alternative scenario is received in statistical data, at the July meeting a decision may be made to increase the key rate, and significantly.” Governor Elvira Nabiullina has previously explained that a "considerable" is a rate increase of more than one percentage point.
  • The Russian government has submitted amendments for the second reading of the package of bills to overhaul the country's tax system to the State Duma following consultations with businesses, Vedomosti report. While they have not proposed to alter the basic parameters of the overhaul, they aim to clarify many fine points.
  • President Vladimir Putin continues a visit to Kazakhstan today, where he will attend a Shanghai Cooperation Organization summit.
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