Fed Confirms Rate Meeting Schedule Despite Severe Winter Storm in Washington D.C. 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
ECB’s Cipollone Backs Digital Euro as Europe Pushes for Payment System Independence 
BOJ Rate Decision in Focus as Yen Weakness and Inflation Shape Market Outlook 
RBA Expected to Raise Interest Rates by 25 Basis Points in February, ANZ Forecast Says 
Bank of Japan Signals Cautious Path Toward Further Rate Hikes Amid Yen Weakness 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
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.
