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Central Bank of Russia (CBR) is going to announce its monetary policy decision today at 11:30 GMT. Central bank will also release latest statistics on foreign trade.
However today's rate decision would be no easy for the bank as it faces two fold crisis one at international front with sliding Rouble, another with contraction in domestic economy.
- As of latest data, Russian economy contracted by -4.6%, much steeper than the bank has originally estimated. Russian central bank has already cut rates 4 times this year, however rates are still at considerable heights at 11%, since it was raised to as high as 17% last year to defend Rouble's massive slide against Dollar.
- In the international front, Rouble is currently trading at 67.6 against Dollar, down close to 80% in last 12 months. Moreover after peaking last December, Rouble's slide has again gathered pace, which has lost close to 40% of its value against Dollar, since May.
Economists are expecting CBR to hold policy rates today, while domestic policymakers are calling for further rate cut to reduce pressure on domestic economy.
