Russia Central Bank Keeps Rates at 20% But Warns of Considerable Uncertainty
on the back of a barrage of new sanctions and penalties imposed on Moscow by the U.S. and European allies, before moderating in recent weeks. The currency sat at just over 104 to the dollar following the decision on Friday.
The CBR's large quantities of foreign currency reserves were targeted by western sanctions that aimed to render them almost inaccessible, preventing policymakers from mitigating the depreciation in domestic assets.While the decision was expected, the central bank's statement gave some insight into how it views the economic outlook for Russia at present.
"Second, the CBR sees sanctions and a shift by the Russian government towards autarky and isolationism as something that is here for the long haul," Jackson said, noting that the statement mentioned the"large-scale structural transformation" on several occasions.
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