Russia-2022: Macro Stability to Be Prioritized

... macroeconomic backdrop expected to demonstrate decent growth and inflation declining starting from the second quarter. On the back of a moderation in inflationary pressures the CBR is likely to start lowering its key rate in the second half of next year, with the macroeconomic fundamentals likely allowing some fiscal expansion to support growth. Overall, there is unlikely to be a significant economic policy shift in Russia away from prioritizing reserve accumulation and macroeconomic stability. In the second half ...