The Central Bank will take into account the decisions of the OPEC + countries at the meeting on April 28 at the key rate
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Deputy Chairman of the Central Bank Alexei Zabotkin said that at a meeting of the Board of Directors on April 28, a decision on the key rate would be made based on the incoming data. When updating the macro forecast for the April meeting, the latest decisions of the OPEC+ countries to reduce oil production will be taken into account, he added.
“It is no secret that in February the monthly (inflation.— ”b”) was close to what the weekly data showed, and in January, for example, the monthly one diverged quite strongly from the weekly ones. Therefore, full conclusions about the March inflation can only be drawn when we receive full data for the month,” Alexei Zabotkin told reporters (quoted by Interfax).
Prior to the meeting on April 28, the Bank of Russia will publish data on weekly and monthly inflation, data on the dynamics of the RF GDP for 2022 and the balance of payments for the first quarter of 2023.
“There will indeed be a lot of data on the state of the Russian economy. Plus, the situation in terms of external circumstances, it is also developing quite dynamically. As you saw, over the weekend there were new decisions by OPEC, oil prices are on this. We will take all this into account,” Mr. Zabotkin added.
Last meeting of the Central Bank on the key rate took place March 17. As a result, the regulator for the fourth time kept the key rate at 7.5%. According to the regulator’s forecast, annual inflation will temporarily fall below 4% in the coming months due to the high base effect of 2022.
Yesterday, April 2, Algeria, Iraq, Kazakhstan, Kuwait, the United Arab Emirates (UAE), Oman, Russia and Saudi Arabia announced a voluntary reduction in oil production. We are talking about a reduction of 1 million barrels per day from May until the end of the year, while Russia will extend for the same period the reduction in production by 500 thousand barrels already begun in March.
More details – in the material “Kommersant” “Foreign countries did not let us down.”
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