As expected, the CBRT maintained its policy rate unchanged. Important uncertainties on politics and geopolitics remain to be solved, so today’s decision is a prudent one. We maintain our view that the CBRT will start the gradual easing cycle towards the end of the year, but the expected disinflation could bring it forward.
policy rate latest publications
The Central Bank (CBRT) left its policy rate (one-week repo, 24%) unchanged in line with the consensus (vs. our expectation of 100bps hike). The press release after the decision is almost the same with the previous one, except for the stress over the slow-down in economic activity “partly due to tighter financial conditions…