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Banks

Russian central bank warns of economic slowdown amid coronavirus

MOSCOW (Reuters) - The coronavirus outbreak will result in a temporary but substantial decline in economic activity in Russia in the next few months, Russia’s central bank said on Monday.

The central bank had forecast economic growth of around 1.5-2.0% in 2020, but now joins several economists who have forecast that the coronavirus outbreak, coupled with the sharp drop in oil prices, will hit economic activity in Russia.

Reporting by Andrey Ostroukh and Elena Fabrichnaya; Editing by Tom Balmforth

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