Russia looks fairly relaxed economically despite all western sanctions
Date
7/25/2022 4:28:00 AM
(MENAFN) After six months of the Ukraine-Russia conflict, the world’s most sanctioned nations, Russia, looks fairly relaxed dealing with the movement of Western restrictions targeted at swamping its economy.
That is the situation at least for now, with the full effect of the restrictions and their “moving targets” estimated to be entirely touched by Moscow through the coming months.
The Russian Central bank is estimating a 4 percent-6 percent recession this year, a volte-face from its before-conflict outlook of 3 percent expansion.
The number, on the other hand, is much higher in comparison with the previous estimation of an 8 percent-10 percent contraction in 2022.
The bank’s huge interest rate reduce last week was additional clear sign that the recession is projected to be much lower than initially feared.
Russia has cut its key rate by 150 basis points to 8 percent, well above market estimates of a decline of 50 basis points, driving interest rates under the pre-conflict rate to grow domestic request.
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