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CBR Monetary Policy Decision – conventional tightening and readiness to deploy reserves


The CBR decided to raise rates 100bp yesterday and Governor Elvira Nabiulina gave an extensive comment on the situation in the economy and FX markets during the press conference.

The CBR increased rates 100bp yesterday on inflation grounds. The regulator stressed its readiness to tighten policy further should inflation risks and RUB devaluation expectations increase. Following the decision, Governor Elvira Nabiullina also communicated the CBR's readiness to address concerns related to the de-anchoring of exchange rate expectations and the shortage of dollar liquidity.

Vladimir Kolychev
VTB Capital analyst


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