COVID-19 vaccination programmes in the region have started slowly over the past few weeks and prolonged virus restrictions mean that economies will remain weak for a few more months at least. Meanwhile, Poland's central bank is unlikely to loosen policy at next week's MPC but recent guidance from policymakers has put the central bank's credibility on the line. Finally, the US data breach detected in December has raised the threat of action against Russia and sanctions could quickly send the ruble back towards 80/$
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