The Bank of Russia today (June 19) cut interest rates by less than expected, announcing an easing of 25 basis points to 14.25%. The bank had been expected to cut by 50bp.
In a statement, the bank struck a somewhat hawkish tone: “Fiscal policy over the three-year horizon will be more accommodative than previously expected. This may require a higher key rate path than assumed in the April baseline scenario.”
In a separate statement, governor Elvira Nabiullina said there had been a slight improvement
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