Anna Kiyutsevskaya

CBR stayed on hold at 4.25%, but continues to tighten the wording of the release: The CBR kept its key policy rate unchanged at 4.25% today in line with the market consensus. Annual food price inflation has thus jumped to 5.8% y/y. The tighter wordin...

CBR stayed on hold at 4.25%, but the tone of the release is slightly more hawkish: The CBR kept its key policy rate unchanged at 4.25% today, in line with the expectations of 33 analysts out of 40 polled by Bloomberg. The headline paragraph of the re...

The weakness in retail and production patterns, which disappointed in August, intensified in September, manifesting in a 3.0% y/y contraction in retail trade and a 5.0% y/y contraction in industrial production. As the CBR has limited options to cut t...

Russia’s 2Q20 GDP contraction not as deep as 2Q09: We now have details of the 2Q20 consumption and investment performance, which enables us to compare this crisis at the peak of the economic contraction with the two previous crises, one of 2009 and t...

August retail trade disappointed with a 2.7% y/y contraction: We had expected the closure of international borders would be favorable for a faster recovery in local consumption, however our expectation of a 0.1% y/y increase in retail trade for Augus...

CBR stayed on hold at 4.25%: The CBR kept its key policy rate unchanged at 4.25% today, delivering on the market’s expectations. A pause on 23 October is our base scenario: There are two certainties which could be extracted from today’s release. We t...