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Russia: the national economy as a whole has returned to pre-crisis


The head of the Russian Central Bank, Elvira Nabiullina, revealed that the national economy as a whole has returned to its pre-crisis level, with the exception of the oil and gas sector.

Nabiullina praised – in a statement, after the meeting of the Board of Directors of the Russian Central Bank, according to “Russia Today” news channel – the performance of the Russian economy, saying: “In general, the economy has reached its pre-crisis level, if the oil and gas sector is excluded, as there are strict external sanctions.”

She added that structural changes in the Russian economy had led to significant heterogeneity in certain industries.

Today, during its meeting, the Russian Central Bank took a decision to raise the main interest rate by 100 basis points to 8.5% annually, and the Russian Central Bank drew an optimistic view of the performance of the national economy in 2023, as the regulator expects its growth in the range of 1.5% – 2.5% instead of 0.5% – 2% that was previously expected.

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