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The Central Bank of Russia intends to continue its cycle of lowering interest rates as the economy slows down.
However, uncertainty surrounding the budget and the consequences of the Middle East conflict limits the regulator's room for maneuver, according to Bloomberg.
At its meeting on Friday, the Bank of Russia is expected to lower its key interest rate to 14.5%, according to all nine economists surveyed by Bloomberg. This will be the fifth consecutive 50-basis-point decrease.
The recent economic downturn is putting pressure on the Central Bank's leadership and challenging the official growth forecast for this year. The tight financial conditions that remain in place to curb price increases continue to be a major obstacle to business activity.
The economic slowdown has become so noticeable that President Vladimir Putin called on officials to explain its causes and take appropriate measures last week, according to the agency.
The growing tension in the economy is evident in a wide range of macroeconomic data, and "it is not surprising that the president has drawn attention to the excessive weakness of the indicators," Dmitry Polevoy, investment director at Astra Asset Management in Moscow, wrote in his review. According to him, this indicates the likelihood of a faster rate cut.
Uncertainty about government spending and the war in the Middle East are currently holding back the Central Bank, but a more aggressive rate cut could occur as early as June, when the extent of the slowdown in business activity becomes more apparent, according to the expert.
The Central Bank will announce its interest rate decision at 13:30 Moscow time, and Central Bank Chairman Elvira Nabiullina will hold a briefing at 15:00.