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Russia's Central Bank to Base Monetary Policy on Oil Price of $50 a Barrel

A general view shows the Central Bank headquarters in Moscow.

ISTANBUL — Russia's Central Bank will base its monetary policy on an average oil price of $50 a barrel in its baseline scenario, the bank's first deputy governor Ksenia Yudayeva told journalists in Istanbul on Tuesday.

In December, the Central Bank said it saw the oil price in its baseline scenario at $80 a barrel between 2015 and 2017. The bank also drafted a stress scenario in which the oil price averaged $60 a barrel, however.

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