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drop below 3%. Given the influence of the earlier decisions on the key rate cut, the Bank of Russia forecasts that inflation will range from

the next working day after being fixed 3.1. Bank of Russia Key rate by the Board of Directors of the Bank of Russia 3.

7%). Taking into account the influence of the earlier decisions on the key rate cut, the Bank of Russia expects that inflation will range from

interbank rates and the key rate Spread between interbank rates and the key rate* Spread between interbank rates and the key rate* Interest rate spread

FIRM-LEVEL EVIDENCE OCTOBER 2019 6 ____________________________________________________________________________________________________________ analysis, provides a robustness check for the key conclusion that the gap between leaders and laggards increases. Section 6 concludes.

further key rate reduction at Key rate, % per annum Inflation, % YoY one of the upcoming Board of 12 Directors’ meetings. 10 In its key rate

Доходность корпоративных Corporate bond облигаций (IFX-Cbonds) yield (IFX-Cbonds) Ключевая Key rate ставка * rate ставка Ключевая Key Фактическая CPI, % YoY инфляция г/г, % CPI, % YoY инфляция

was the result of their positive revaluation on the back of the key rate cut by the Bank of Russia. Corporate bonds still account for

interbank rates and the key rate remained negative. Interest rates were under the pressure of market participants’ expectations for the key rate cut at the

a favourable external environment and the reduction of the Bank of Russia key rate. These are the findings published in the latest issue of the