Russia: CBR leaves policy rate unchanged at 7.75% as expected

At its March meeting, the Central Bank of the Russian Federation has decided to keep its key policy rate unchanged at 7.75% as expected.

Key takeaways from the press release

  • Since the beginning of this year, monetary conditions have not seen significant changes.
  • The economy is close to its potential. 
  • Short-term pro-inflationary risks have abated.
  • Elevated and unanchored inflation expectations also pose a meaningful risk.
  • The Bank of Russia leaves mostly unchanged its assessment of risks associated with wage movements, possible changes in consumer behaviour and budget expenditures.
  • The Bank of Russia will take into account inflation and economic dynamics against the forecast, as well as risks posed by external conditions and the reaction of financial markets.
    • If the situation develops in line with the baseline forecast, the Bank of Russia admits the possibility of turning to cutting the key rate in 2019.

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