The Russian central bank kept its benchmark interest rate on hold today, but there was a clear shift in tone in the accompanying statement, suggesting that the MPC plans to resume the easing cycle once inflation starts to fall back. The next rate meeting in December will be touch and go. That said, given the Council’s concerns about inflation – as evidenced by today’s decision – and the backdrop of low oil prices and capital outflows, the scope to cut interest rates remains limited.
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