Emerging Europe Economics

Emerging Europe Economics Update

15 December, 2017

Russian rates to be lowered further than markets expect

The decision by Russia’s central bank to cut interest rates by a larger-than-expected 50bp today caught the market (and ourselves) by surprise but the scale of the cut, as well as the tone of subsequent comments from Governor Nabiullina, reinforce our view that interest rates will ultimately be lowered by more than is currently priced into the markets.

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