Macro Note - Excess liquidity squeezed out of financial markets
  • 2018-08-20T18:34:28
  • Macroeconomics
Tighter financial market conditions required as SBV prioritizes FX stability. Transitory CPI pressure also provides domestic reason to reduce system liquidity. Further marginal pressure on equity market P/E multiple may be in the cards. Changes in conditions may have a limited immediate impact on real economy.