Russia bases economic forecast on $40 oil

The Russian Central Bank said Friday it was lowering its key rate because of the potential for slow economic growth and oil priced around $40 per barrel. For the first time since June, the bank said it lowered its key rate by a half percent to 10 percent, saying it was forecasting “unstable economic activity.” It’s possible for the Russian economy to expand this year, but the bank said gross domestic product likely won’t increase by more than 1 percent next year. “This forecast is based on the conservative assumptions…

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