CBR faces a close call this week – BBH

Analysts at BBH noted the consensus remains divided regarding the likeliness of the Russian central bank (CBR) to cut rates at its meeting on Friday.

Key Quotes

“Russian central bank meets Friday and is expected to keep rates steady at 11.0%”.

“However, the market is split. Of the 25 analysts polled by Bloomberg, 13 see no move and 12 see a 50 bp cut to 10.5%”.

“The central bank has been on hold since the last 50 bp cut to 11% back in July 2015”.

“With the ruble firm, we think the bank could deliver a dovish surprise and cut rates. Russia also reports April trade Friday”.