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RUSSIA: CBR Governor Says December Hike Possible, But Not Pre-Determined

RUSSIA
CEEMEAEM BulletRussiaBulletEmerging Market News
  • CBR Governor Nabiullina said another key rate hike is possible at the December rate-setting meeting, but such a decision is not pre-determined as the impact of the weaker ruble on inflation will be offset by a slowdown in lending, Reuters report.
  • Russia’s services PMI rose to 53.2 in November from 51.6 in October, the highest reading since January and fifth consecutive print above the expansionary 50-threshold. The composite index also rose, from 50.9 to 52.6.
  • The Deputy CEO of state bank VTB forecasts that Russian banks could see retail lending - including mortgages, auto loans and cash loans - plunge by 30% year-on-year to about RUB 9.5trln in 2025, Vedomosti report. The looming contraction is attributed to CBR measures to cool the market, high interest rates, inflation and the dynamics of real wages.
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  • CBR Governor Nabiullina said another key rate hike is possible at the December rate-setting meeting, but such a decision is not pre-determined as the impact of the weaker ruble on inflation will be offset by a slowdown in lending, Reuters report.
  • Russia’s services PMI rose to 53.2 in November from 51.6 in October, the highest reading since January and fifth consecutive print above the expansionary 50-threshold. The composite index also rose, from 50.9 to 52.6.
  • The Deputy CEO of state bank VTB forecasts that Russian banks could see retail lending - including mortgages, auto loans and cash loans - plunge by 30% year-on-year to about RUB 9.5trln in 2025, Vedomosti report. The looming contraction is attributed to CBR measures to cool the market, high interest rates, inflation and the dynamics of real wages.