Bank of Russia says annual inflation to be 18-23% in 2022

Chief of Russian Central Bank said Friday that the country's consumer prices would soar by 18-23% in 2022.

Chief of Russian Central Bank Nabiulina forecast a decline in the country's GDP between 8-10 percent, with the lowest point during the fourth quarter of this year.

She explained that this was due to financial supply declining faster than demand and a disruption of economic ties which Russia previously had with nations.

In addition, the Russian Central Bank lowered the key rate, the specific interest rate which determines bank lending rates, by 3 percentage points to 14% per annum.