October 29, 2019 / 4:20 PM / 19 days ago

Russia could lose $38 billion in reserves under 2020 risk scenario: central bank

FILE PHOTO: An employee counts Russian ruble banknotes at a private company's office in Krasnoyarsk, Siberia, December 17, 2014. REUTERS/Ilya Naymushin/File Photo

MOSCOW (Reuters) - Russia’s central bank said the country’s reserves could fall by $38 billion if oil prices slip to $25 per barrel in 2020 as per its risk scenario, it said in updated macroeconomic forecasts on Tuesday.

If its risk scenario materializes, Russia’s inflation could jump to 6.5-8.0% in 2020 from 3.2-3.7% in 2019, the bank added.

Central Bank Governor Elvira Nabiullina has said that the risk scenario, which could be triggered by significantly lower demand for energy products around the globe and worsening prospects for global economic growth, was unlikely to unfold.

Reporting by Elena Fabrichnaya; Writing by Gabrielle Tétrault-Farber; Editing by Lisa Shumaker

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