The sharp sell-off in the ruble over the past week has led some to question whether Russia could be the next EM in line to hike interest rates. For now, we suspect that the Central Bank will stick to FX intervention in order to support the currency. However, if the ruble comes under further pressure, as a result of an escalation in the EM currency sell-off, or say a drop in the oil price, we would not rule out a rate hike.
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