Having introduced an entirely new benchmark interest rate at its last meeting and unveiled new lending facilities at each of its two meetings prior to that, the Central Bank of Russia opted to do nothing today, leaving key rates and lending facilities unchanged. The Bank still believes that most of the slowdown in growth over the past year has been due to structural factors that won't be reversed by looser policy. We agree. Nonetheless, the accompanying statement was marginally more dovish than in previous meetings and, with inflation now falling, there may be room for modest rate cuts in the next six months.
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