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Bank of Russia cuts growth estimates

by ChemOrbis Editorial Team -
  • 10/11/2014 (17:12)
According to media reports, the Bank of Russia has revised its growth estimates down for 2015 on November 10 due to ongoing sanctions related to its actions in the Ukraine and sharp decreases in oil prices. The Bank cut its growth estimates for 2015 to zero.

In a report on its monetary policy for 2015-2017, the Bank stated that it expects the Russian economy to grow by just 0.3% this year, down from their initial forecast of 0.4% since sanctions are expected to remain in effect by the end of 2017, and oil prices are expected to be around $95 a barrel. However, the Bank still targets to lower inflation to 4% in 2017.

So far this year the ruble lost ground by around 30% against the US dollar, mostly because of sanctions against Russia, stagnation in the economy and lower oil prices, which is important in terms of the country’s exports.
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