The ruble exchange rate is expected to strengthen to 65-70 rubles per dollar in 2021. This forecast is contained in a research of the Swiss bank Credit Suisse.

According to analysts, inflation in Russia at the end of 2020 will be 3.4 percent, and it is lower than the target which is established by the Central Bank at 4 percent. Consumer price growth will accelerate to 3.8 percent in 2021, and to 4 percent in 2022. Despite inflation below the target in 2021, the Bank of Russia is unlikely to reduce its key rate.

However, expert say that such a possibility cannot be completely ruled out. In 2021, the regulator may go for a one-time rate cut by 25 basis points, up to 4 percent, if the “extreme scenario of a sharp drop in inflation” is implemented.