Stronger currency: An electronic board displays a US dollar exchange sign in Moscow. Ruble’s surge with oil prices this quarter, coupled with a slump in consumer demand due to the coronavirus lockdown, will likely prevent inflation from accelerating above the central bank’s 4% target any time soon. — Bloomberg
MOSCOW: A rally in the ruble may mean Russia’s central bank has room to cut interest rates even deeper than the full percentage point it has already committed to.
The currency’s surge with oil prices this quarter, coupled with a slump in consumer demand due to the coronavirus lockdown, will likely prevent inflation from accelerating above the central bank’s 4% target any time soon.
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