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RUSSIA: CBR to Publish Summary of July Rate-Setting Meeting

RUSSIA
  • Russian exporters have resumed shipping coal from Baltic ports to the Asia-Pacific region through the Northern Sea Route for the first time in three years, Kommersant report. However, citing analysts, the newspaper note that there are doubts that the NSR will become a stable route for coal exports and said Russia's southern ports have more potential.
  • President Vladimir Putin holds a government meeting on manufacturing today. Meanwhile, the Bank of Russia publishes a summary on discussions on the key rate and the updated forecasts from its latest rate-setting meeting.
  • Looking ahead, GDP and CPI data are the key releases of the week on Friday. Inflation is expected to have risen from +8.59% y/y in June to +9.10% y/y in July, largely on the back of adjustments to utility tariffs. Analysts generally expect this to be the peak in the annual rate.
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