Russian CB out with latest decision 23 March

  • will continue key rate cuts
  • monetary conditions continue to ease
  • will end shift to neutral stance this year
  • CPI expectations significantly exceed target
  • will place emphasis on labour market
  • annual CPI slowdown to continue in 2019
  • economy's sensitivity to oil has decreased
  • 2018-20 GDP to grow by 1.5-2.0%
  • annual CPI seen at 3-4% by year end, close to 4% in 2019

RUB and equities liking the news initially but fading now.