Free Trial

RUSSIA: CBR Holds Open Prospect of Rate Hikes at Upcoming Meetings

RUSSIA

Highlights from the policy statement:

  • The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting.
  • Furthermore, returning inflation to the target will require a significantly longer period of maintaining tight monetary conditions in the economy than it was forecast in April.
  • The current price growth rate has stopped decreasing and remains close to the levels of 2024 Q1.
  • Over the medium-term horizon, the balance of inflation risks has shifted even more towards proinflationary ones.
  • According to the Bank of Russia’s forecast and given the monetary policy stance, annual inflation will return to the target in 2025 and stabilise close to 4% further on.

See the full policy statement here.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.