OECD Sees Bank of Japan Raising Interest Rates to 2% by 2027 
Bank of Korea Signals Potential Interest Rate Hikes as Inflation Remains Elevated 
BOJ Governor Kazuo Ueda Hints at Rate Hike as Inflation Pressures Build 
RBA Raises Interest Rates to 4.35% Amid Rising Inflation Risks and Middle East Tensions 
Fed’s Goolsbee Warns Inflation Remains Elevated, Signals Caution on Rate Cuts 
DOJ Ends Probe Into Fed Chair Jerome Powell, Boosting Kevin Warsh Confirmation Prospects 
ECB Signals Possible Interest Rate Move if Inflation Outlook Fails to Improve 
Elevated inflation risks and a vulnerable ruble could force the CBR to stay on the sidelines at March 18th meet. The ruble has gained quite a bit since weakening to a record low of USD/RUB 85.9675 on January 21, and is currently trading at 70.7908 levels.
However, the currency is expected to resume depreciation in the near term on lower oil prices because of the global supply glut. The external debt repayments (with banks and companies due to repay over USD 70bn until the year-end) as well as the normalisation of the Fed policy also pose considerable risks.
There is also a small chance that the CBR might lower its key rate by up to 100bps in H2 2016 to support the weak economy. From a fundamental point of view, domestic demand could benefit from resumption in rate cuts.
