Russia’s economy could contract by more than 8% in the second quarter of 2020, central bank governor Elvira Nabiullina said on Friday, adding that the bank would revise its most recent gross domestic product forecast, Reuters reported.
Nabiullina said cutting Russia’s benchmark interest rate by 100 basis points from 5.5% will be considered in June.
On inflation, Nabiullina said the bank’s year-end forecast was 3.8-4.8%, with peak annual inflation expected in the summer.
