8/12, 1:19 PM (Source: TeleTrader)
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Bank of Russia updates 2022-2025 economic forecast

The Bank of Russia released on Friday a new report about its updated monetary policy directions for the next several years, confirming inflation will remain highly elevated this year and in 2023 under the baseline scenario before returning close to the targeted range at about 4% in 2024.

The Russian economy is expected to go through a recession over the course of the next two years and potentially return to growth of 1.5-2.5% in 2025. Commenting on interest rates, the central bank noted its key policy rate would slowly decline in the upcoming years to the long-term neutral range of 5-6% in 2025.

The scenario takes in mind western sanctions against Russia remain in effect throughout the whole period.

Baha Breaking News (BBN) / ND