Russian CB Governor Says Country Lost $160B in Oil Price Slide

Russia’s Central Bank Governor Elvira Nabiullina said on Tuesday that Russia has lost some $160 billion due to decline in oil prices from $100 per barrel to $45 per barrel.

“The decrease in oil prices from $100 to $45 per barrel has left to a drop in export revenues of $160 billion in annual terms, according to our estimates,” Nabiullina told journalists.

Nabiullina also told journalists that the central bank’s monetary policy will remain tight, with key interest rate remaining positive, which means above inflation rate.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza