“A significant revision of the consensus estimates reflects a drastic change in economic conditions in the last two weeks,” the deputy governor of the monetary authority, Alexei Zabotkin, said in a separate statement.
“The measures taken by the Bank of Russia and the government are aimed at limiting the scale of the economic slowdown and avoiding a long period of high inflation,” it added.
Annual consumer inflation hit 10.4% on March 4, when the ruble hit record lows following Russia’s invasion of Ukraine, followed by harsh Western sanctions that cut off Russian banks from the global financial system.
The central bank of the country in question raised its key interest rate to 20% from 9.5% in an emergency measure last week, introduced capital controls and told export-focused companies to sell foreign currency while the ruble it collapsed.
Source: Ambito
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