Page 33 - RusRPTFeb22

Analysts previously surveyed by Vedomosti daily also anticipated the key rate to peak in 1Q22 at 9%, possibly retreating back to 7.75% by the end of 2022.
Contrary to 2015-2016 during the CBR’s initial effort to bring down inflation, disinflation now relies on a high real rates-based monetary policy alone, with credit conditions and fiscal policy being only mildly supportive for price stabilisation, the analysts at VTBC believe.
33 RUSSIA Country Report February 2022 www.intellinews.com