Weakening of the ruble and a sharp decline in economic activity in Russia will lead to a decrease in imports in the second quarter this year, the Bank of Russia said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 28th May, 2020) Weakening of the ruble and a sharp decline in economic activity in Russia will lead to a decrease in imports in the second quarter this year, the Bank of Russia said on Thursday.
"A weakening ruble and a sharp decline in economic activity are likely to lead to a decrease in imports in the second quarter of 2020, which will provide some support for the current account balance," the bank's fresh report says.
The central bank expects exports from Russia to fall by 40 percent year-on-year in 2020 to $250 billion from $419 billion in 2019, and imports to decrease by 18.5 percent year-on-year to $207 billion.
