Russia's central bank kept its benchmark interest rate at 6% in late March in an effort to protect the rouble, despite the prospects of a global recession emerging as a result of the spread of the coronavirus. The Russian currency had dropped by 30% by the end of the first quarter of 2020, marking it out as one of the worst performing in the world. This is partly a consequence of the Russian government's decision to break away from the Organisation for Petroleum Exporting Countries', and specifically Saudi Arabia's, policy of cutting oil output to support prices in response to the coronavirus pandemic. Oil prices have since tanked, hitting most oil-exporting economies along with their currencies. The Bank of Russia warned that the country faced an economic downturn over the remaining quarters of 2020, though it announced a string of packages to boost the economy, including a $6.3bn bank lending facility at an interest rate of 4%. The Russian government has claimed its $570bn in foreign reserves and a national wealth fund of $150bn will help it to endure any prolonged downturn in oil prices.
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