Today, the CBR is due to take its next monetary policy decision.
Although underlying growth momentum does not seem to have improved in the recent past and the negative output gap is likely to have widened further, elevated food inflation is set to keep the CBR firmly on hold for now. Given persistent tensions on the money market, we look for any hints at additional measures to improve the transmission mechanism.
Vladimir Kolychev, Daria Isakova
VTB Capital analyst
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