Nabiullina: the economic downturn in Russia will be longer and less deep

“Incoming data indicate that the economic downturn will be more extended in time and possibly less deep,” Nabiullina said.

Earlier, the Board of Directors of the Central Bank of Russia decided to reduce the key rate from 9.5% to 8% per annum.

The Central Bank also lowered the inflation forecast in Russia for 2022 to 12-15%.

Assistant to the President of Russia for Economic Affairs Maxim Oreshkin said that by the end of 2022 the Russian economy should enter “positive trends”.