Emerging Europe Economics

Emerging Europe Economics Update

9 February, 2018

Russian central bank opens door to more cuts over 2018

The Russian central bank’s 25bp cut in its policy interest rate (to 7.50%) today was smaller than we had anticipated, but the decision was accompanied by a very dovish statement that paves the way for significantly more easing this year. We remain comfortable with our forecast for the policy rate to be lowered to 6.00% by the end of the year, which is lower than the markets are pricing in.

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