Russian Central Bank to take decision on key rate in April based on incoming data, accounting for OPEC, Russia decision on production in forecast

MOSCOW. April 3 (Interfax) - The board of directors of the Central Bank of Russia (CBR) at the regulator's meeting on April 28 will take decisions on the key rate based on incoming data, and a large amount of statistical data will be published prior to this, Central Bank Deputy Governor Alexei Zabotkin said in a statement.

"The board of directors will take the decision based on complete information and the adjusted forecast that will occur at the meeting on April 28. We will take the decision based on incoming data. This is exactly what was said in the signal following the results of the March meeting," Zabotkin told reporters in the State Duma.

Data on weekly and monthly inflation, quarterly data on the dynamics of Russia's GDP for 2022, as well as the balance of payments for the first quarter of 2023 will be published prior to the CBR's meeting in April.

"It is no secret that monthly [inflation] in February was close to what the weekly data showed, and the monthly figure diverged quite strongly from the weekly figures in January, for example. Therefore, full conclusions about March inflation could only be drawn once we have the complete monthly data," Zabotkin noted.

"There will indeed be much data on the state of the Russian economy. Additionally, the situation is also developing quite dynamically in terms of external circumstances. As you have seen, OPEC took new decisions over the weekend, and oil prices form on this ... We will take all this into account," Zabotkin emphasized.

Zabotkin added that the CBR would account for the latest input regarding OPEC and Russian oil production when updating the forecast in April.