BOJ Raises Interest Rate to 31-Year High as Yen Weakens 
Yen in Focus as BOJ, Fed Rate Hikes Reshape Currency Markets 
RBI Raises Repo Rate to 5.50% in Hawkish Shift on Inflation Risks 
ECB May Stop Rate Hikes After December, Capital Economics Says 
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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.
