BERLIN – It’s been fascinating to watch the Russian economy adjust to sharply lower oil prices. With a little help from the central bank, the country’s recession might not be as bad as previously thought.
After an initial period in which the ruble plummeted and inflation surged — with food prices up 15.4 percent from a year earlier in December — the Russian central bank’s response is turning things around. A sharp increase in short-term interest rates, currently at 14 percent, has stabilized the ruble and might even be getting consumer prices under control.
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