*(RU) RUSSIA CENTRAL BANK (CBR) CUTS ONE-WEEK AUCTION RATE BY 25BPS TO 14.25%; LESS THAN EXPECTED; Notes fiscal policy may require higher ra
**Note: 9th straight rate cut under the current easing cycle Statement: - Proinflationary risks have increased due to a temporary decline in motor fuel production - Reiterates may consider cut at next meetings - Underlying inflation will be close to 4% in 2026 H2 - Lending growth has accelerated in recent months - Fiscal policy over the three-year horizon will be more accommodative than previously expected Staff Projections: - No update **Insight: Russia Central bank has now cut the cut Key-1-Week Auction Rate nine times under the current easing cycle by a total of 675bps
**Note: 9th straight rate cut under the current easing cycle Statement: - Proinflationary risks have increased due to a temporary decline in motor fuel production - Reiterates may consider cut at next meetings - Underlying inflation will be close to 4% in 2026 H2 - Lending growth has accelerated in recent months - Fiscal policy over the three-year horizon will be more accommodative than previously expected Staff Projections: - No update **Insight: Russia Central bank has now cut the cut Key-1-Week Auction Rate nine times under the current easing cycle by a total of 675bps