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RUSSIA: Russian Banks Revise Key Rate Projections Higher

RUSSIA
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  • Vedomosti report that economists at Russian banks are revising their macroeconomic forecasts, factoring in the risks of prolonged high inflation and a longer period of high interest rates in 2025. Sovcombank has raised its forecast for the CBR’s key interest rate at the end of the year to 22% from 20%. VTB expects a rate of 21% at the end of the year, Alfa Bank expects 20% and T-Bank projects 19%.
  • Rosstat data for August 2024 showed that the growth of consumer spending in Russia remains above long-term trends, despite a slowdown in both annual terms and within the year, Kommersant report. Government forecasts indicate demand will remain overheated for the foreseeable future, it adds, forcing the central bank to further tighten monetary policy.
  • President Vladimir Putin will meet with CIS leaders in Moscow. The Finance Ministry may publish budget balance data for September. CPI data is the key release of the week on Friday.
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  • Vedomosti report that economists at Russian banks are revising their macroeconomic forecasts, factoring in the risks of prolonged high inflation and a longer period of high interest rates in 2025. Sovcombank has raised its forecast for the CBR’s key interest rate at the end of the year to 22% from 20%. VTB expects a rate of 21% at the end of the year, Alfa Bank expects 20% and T-Bank projects 19%.
  • Rosstat data for August 2024 showed that the growth of consumer spending in Russia remains above long-term trends, despite a slowdown in both annual terms and within the year, Kommersant report. Government forecasts indicate demand will remain overheated for the foreseeable future, it adds, forcing the central bank to further tighten monetary policy.
  • President Vladimir Putin will meet with CIS leaders in Moscow. The Finance Ministry may publish budget balance data for September. CPI data is the key release of the week on Friday.