CBR still not ready for further tightening – BBH

Analysts at BBH have assessed the recent stance by the Russian central bank.

Key Quotes

“Russia’s central bank tilted a bit more dovish. GovernorNabiullina said an improving inflation outlook will allow the bank to undertake steeper monetary easing without putting financial stability at risk”.

“Still, she cautioned that one-off factors were largely responsible for the recent slowdown of inflation”.

“The next policy meeting April 29 may be too soon to start the easing cycle”.