Macro Advisory Monthly March 2019


Spring optimism from the CBR … The Governor of the Central Bank (CBR) appeared to signal the end of winter and the arrival of spring with much more dovish comments after last Friday’s policy meeting when compared to her very hawkish stance of last December. She said that inflation is likely to peak earlier and end the year lower than previously expected and this offers the possibility of a rate cut by year-end. Previously she said this would only happen in 2020.