Russia’s new stay-at-home orders cast doubt on rates hike

Russian President Vladimir Putin chairs a meeting with senior government officials via a video link at his residence outside Moscow, Russia, October 20 2021. Picture: SPUTNIK/ALEXIE DRUZHENI/KREMLIN/REUTERS

“There is a new uncertainty with those non-working days,” said Oleg Vyugin, a former senior central bank official. “I used to think they will raise by 50 basis points, but now, with the new circumstances, I began to have doubts. It could be 25 basis points as well.” Putin also warned that the surging price of gas in Europe could lead to higher costs for farm products in Russia and called on the government to take steps to mitigate those effects.

“The central bank has to navigate between Scylla and Charybdis,” said Natalia Orlova, chief economist at Alfa-Bank in Moscow. “The purely economic arguments are more for 25 basis points.”

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