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most likely outcome of the decision at the next meeting on September 13.
We still believe that the rate cut after the end of the tightening cycle will start earlier (now more likely in 1Q25, although a cut in December of this year cannot be ruled out either) and will be faster than the current consensus (see Table 1), but we believe it is premature to talk about this before the end of the policy tightening cycle.
174 RUSSIA Country Report August 2024 www.intellinews.com
