The CBR is set to meet today to discuss monetary policy.
Although the macroeconomic picture has not altered materially enough since the last meeting to push the CBR out of its wait-and-see stance, the reescalation of geopolitical tensions has raised concerns about the possibility of additional tightening. Relatively mild market pressure on RUB, however, suggests that the CBR would be well-advised just to talk the talk and save the little policy powder it has left in its stores.
Maxim Korovin, Anton Nikitin
VTB Capital analyst
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