Russian economy activity slowed significantly at end-Sept, says c.bank
Source: Reuters
MOSCOW, Oct 11 (Reuters) - Economic activity in Russia slowed significantly at the end of September, Bank of Russia Deputy Governor Alexei Zabotkin told lawmakers on Tuesday, but payments to mobilised troops should cushion the negative effect on consumer demand.
President Vladimir Putin announced on Sept. 21 that 300,000 people would be mobilised to boost Russia's efforts in what it calls a "special military operation" in Ukraine, but details of the economic impact have so far been thin on the ground.
The central bank has been instrumental in limiting the economic fallout from the conflict in Ukraine and subsequent sanctions targeting Russia, introducing capital controls to steady the rouble, which had plunged to a record low against the dollar in early March.
An emergency rate hike to 20% in late February was followed by six cuts back to pre-crisis levels, but the bank suggested its rate-cutting cycle may have come to an end last month when trimming to 7.5%. The market is eagerly awaiting the next meeting on rates on Oct. 28.
Read more: https://www.reuters.com/markets/asia/russian-economy-slowed-significantly-end-september-cbank-says-2022-10-11/
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