Bank of Japan's Ueda Flags Low Real Interest Rates as Key Factor in Rate Hike Timing 
Bank of Korea Governor Nominee Warns of Action if Korean Won Weakens Further 
ECB Warns of Rising Inflation Risks Amid Iran War Energy Shock 
Singapore Tightens Monetary Policy Amid Middle East War Inflation Risks 
Bank of Japan Signals Potential Rate Hike as Inflation Risks Rise Amid Energy Shock 
India's Central Bank Holds Rates Amid Iran War Energy Shock 
RBI Clamps Down on Rupee NDF Activity, Banks Face Steeper Losses 
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.
