Page 82 - RusRPTApr20

and capital position from developments around Tinkov.
8.2 Central Bank policy rate
The CBR left rates on hold in March at 6% although it could have both cut or hiked them with justification. Inflation remains low at only 2.3% in March, but the sudden drop in the ruble’s value following the oil price shock means inflationary pressure will increase. The CBR expects inflation to rise above its target rate of 4%, but then to fall back again to hit the 4% target rate at the end of this year or the state of next.
Growth will also slow but the CBR is taking a wait and see approach. It didn't offer it usual forecasts for growth and inflation at the March meeting, preferring to wait to see how the crisis plays out for another month.
82 RUSSIA Country Report April 2020 www.intellinews.com