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In view of analysis team at Rabobank, the Bank of Russia is set keep its policy rate unchanged at 7.75% when the decision is announced at 10:30gmt on Friday.

Key Quotes

“With the Russian ruble the best performing EM currency so far this year and the negative impact of a VAT hike proving less negative than initially anticipated, Governor Nabiullina is in a relatively comfortable situation to maintain wait-and-see approach adopted after the CBR surprised the market with two 25bps hikes in September and December.”

“The main focus will be on the official statement as the market will be looking for any clues that perhaps the next move could be a cut due to fading inflationary risk.”