Russian central bank did not join the global trend of cutting interest rates amid the coronavirus pandemic, deciding to keep borrowing costs unchanged while the ruble’s value continues to plummet due to the price war in oil markets with Saudi Arabia.

The basic interest rate was kept at 6% after the country’s central bank reduced it by 175 basis points a week ago. The decision was expected by most of economists.

Future interest rate movements will take into account the “actual and expected inflation dynamics” against the central bank’s target for a 4% inflation rate and economic development, the regulator said in a statement. “The risks posed by internal and external conditions and the reaction of the financial markets” will also be taken into account, the central bank added.

Future guidance has been removed from a statement by the central bank, but Governor Elvira Nabiullina is expected to hold an extraordinary press conference at 3 pm Moscow time. The regulator also refrains from providing forecasts for oil and economic growth.

Russia’s central bank faces the double shock of falling oil prices and the threat of a global recession, while economies around the world are “dormant” amid a pandemic. The bank warned of a possible economic downturn in Russia in the coming quarters and inflation could temporarily exceed the target for this year.

Above the 20% ruble depreciation in 2020, the options markets have begun to anticipate a shift in interest rates over the coming months.