Inflation in Russia is expected to accelerate to 20% and its economy could contract by up to 8% this year, showed an independent survey of analysts commissioned by the Central Bank of Russia and released this Thursday (10).
According to 18 economists the Russian central bank consulted between March 1 and 9, this year’s benchmark interest rate is forecast at 18.9%, the bank said in a statement.
“A significant revision of the estimates reflects a drastic change in economic conditions over the past two weeks,” Russian Central Bank Vice President Alexei Zabotkin said in a separate statement.
Annual consumer inflation hit 10.42% on March 4, when the ruble hit historic lows following Moscow’s invasion of Ukraine, followed by tough Western sanctions that cut the central bank and other banks from the global financial system.
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