Page 106 - RusRPTAug22

inflation-adjusted policy rate is now less than 3%, which is its average over 2016-19. We think the large moves in rates have probably now happened and that cuts of 100bp or lower are more likely going forward,” Capital Economics said.
“Overall, we now expect the policy rate to end this year at 7.00% (previously 7.50%) and 2023 at 5.50%, which is lower than most expect.”
106 RUSSIA Country Report October 2020 www.intellinews.com