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RUSSIA: CBR Survey Points to Slowdown in Business Activity in June

RUSSIA
  • The CBR’s monthly monitoring of businesses pointed to a slowdown of business activity in June, Kommersant report. While in May the Business Climate Index fell due to worsening expectations, in June it dropped due to the dramatic deterioration of businesses' assessment of the current situation. Data from July surveys so far point to the continuation of a soft landing, the newspaper add.
  • The state-run Islamic Republic News Agency reported that Iran and Russia conducted maritime rescue drills in the Caspian Sea. All countries that border the Caspian Sea were involved in the drills, IRNA says.
  • The CBR rate decision is the key risk event of the week on Friday where most analysts expect the key rate to be hiked by 200bps to 18% given the acceleration of inflation as well as stubbornly high inflation expectations.
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