Russian MPC resumes easing cycle

The decision by Russia’s central bank to cut its benchmark one-week repo rate by 50bp to 10.50% today was a close one but, having decided to start easing policy once again we think that interest rates will now fall further than the consensus is currently expecting. Our forecasts are for the one-week repo rate to end this year at 9.00% before reaching 6.00% by end-2017.

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