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CBR Monetary Policy Preview

Tomorrow’s CBR monetary policy meeting will be the first to be chaired by Elvira Nabiullina. We believe that the growth/inflation mix opens the way to an intensification of the monetary policy easing cycle, with limited risks to the regulator’s credibility, and we expect a 25bp cut in rates across the board. We do not rule out the CBR announcing further steps towards improving the refinancing mechanism.
Maxim Oreshkin, Daria Isakova
VTB Capital analyst

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