Rate of Central Bank of Russia may either remain at 9.5% until end of year, or decrease to 7.5-8%

The decision of the Central Bank to cut the rate by 150 b.p. to 9.5%, in general, coincided with market expectations (the range of expectations was 100-200 bp). Moods for a more significant decline intensified after the release of inflation statistics for May and the week of late May-early June).

Thus,...