The decision by the Central Bank of Russia (CBR) to leave interest rates on hold at 21.00% today was widely expected, and the hawkish communications suggest that policymakers are not going to bend to the will of businesses and politicians for lower rates anytime soon. We think that interest rates are likely to remain on hold until the second half of this year, and that monetary loosening will be more limited than most others expect.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.