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estimates. During the conference call, we intend to focus on F&C development and further loan growth (TCS now sees at least 40% y/y in 2018 vs. at least 25% previously guided). Our unchanged 12 month Target Price of $28 implies an ETR of 69%. Buy reiterated.
8.2 Central Bank policy rate
Russia’s central bank regards its September key rate hike as a one-off move and sees no immediate need for policy tightening, Alexander Morozov, head of the central bank’s research department, said on Thursday. “At the moment we’re just right in terms of our policy rates,” he told a conference in London.
72 RUSSIA Country Report December 2018 www.intellinews.com
