Chairman of the Central Bank of Russia Elvira Nabiullina said that the gross domestic product recorded a decline of 3%.

At a meeting today, Friday, the Board of Directors of the Central Bank of Russia decided to keep the interest rate at the current level of 7.5% per annum for the second time.

And Russia’s Central kept interest rates unchanged in October, breaking a multi-month cycle of interest rate cuts, as the Bank of Russia cut interest rates 6 times since February.

The Central Bank of the Russian Federation said in a statement today, Friday, that subsequent interest rate decisions will be made taking into account the dynamics of inflation and economic restructuring, as well as an assessment of the risks arising from internal and external conditions and the reaction of financial markets to them.

The statement said the bank could move to tighten its policy in the event of further increases in the budget deficit, noting that Russia’s annual inflation rose to 12.7% by December 12, after hitting 12% in November and 12 .6%. in October.

According to the expectations of the Central Bank of the Russian Federation, with the continuation of the ongoing monetary policy, annual inflation will decrease to 5-7% in 2023 and return to 4% in 2024.

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