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The Bank of Russia eases monetary policy by 50 bp

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The Bank of Russia eases monetary policy by 50 bp
April 24
13:00 2020

About a week ago, Elvira Nabiullina, Head of the Central Bank of the Russian Federation, hinted at the upcoming easing of monetary policy. Experts almost unanimously believed that the Central Bank would reduce the key rate, opinions differed only with respect to that step. Many believed that the Central Bank of the Russian Federation would reduce the rate on the usual 25 basis points. Reality has exceeded expectations – a decrease totaled 50 bp. Last time, the Central Bank lowered the rate by 50 points in October last year.

The current value of the key rate is 5.5%; the regulator does not exclude the possibility of monetary policy easing in the near future.

After today’s meeting of the Central Bank of the Russian Federation, an update of the medium-term forecast was released. And although the previous forecast was published only a few months ago, it turned out to be completely irrelevant under the circumstances.

The Russian stock market did not respond rapidly to the decision of the regulator. Early in the morning, national indices showed a rollback. Then there was a smooth correction, which continued after the publication of the decision taken by the Bank of Russia.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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