Bank of Russia cuts growth estimates
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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