On Friday, the CBR is due to take its last monetary policy decision this year.
Our View: There is little intrigue as to the outcome of the meeting itself (no change in rates expected), but it will nevertheless be interesting to watch for any signs as to the degree of tolerance towards the expected target overshoot this year. Apart from that, we might also see some tweaks to the refinancing toolkit – the regulator has mentioned the possibility of keeping some medium-term refinancing facilities (instead of abolishing them from 1 February 2014, as was initially planned).
Maxim Korovin, Anton Nikitin
VTB Capital analyst
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