Russia: CBR to keep its Key Rate on hold - TDS

Sandeep Kanihama FXStreet Contributor

Analysts at TDS expect the CBR to keep its Key Rate on hold at 7.25% at today’s Board meeting, in line with the consensus with only 3/36 respondents to the Bloomberg survey expecting a cut.

Key Quotes

“Since the last Board meeting, on 23 March, the ruble has weakened by more than 8.0% against the US dollar with the sell-off triggered by the US increasing its sanctions on Russia. The CBR will be concerned that ruble weakness, if maintained, or indeed extended, could lead to inflation overshooting the 4% target later this year. This argues for the CBR returning to its more cautious stance, and waiting to see what happens to the currency.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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