Macro Analysis /
Russia

Russia Macro Insights: The CBR is not afraid to keep tightening

  • The CBR hiked the key rate to 8.5% in line with the consensus, but the communique was more hawkish than we expected

  • Inflation data favourable in recent weeks, however not enough to make the CBR more dovish

  • More cautious 2022 ruble outlook

Natalia Orlova
Natalia Orlova

Chief Economist

Alfa
17 December 2021
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