(Reuters] – Russia’s inflation rate is projected to increase to 20% this year and could drop as high as 8%, according to an independent survey conducted by the central bank.

It stated in a statement that the Russian central bank polled 18 economists between March 1-9 to forecast the key rate at 18.9% for the year.

Alexei Zabotkin, Deputy Central Bank Governor, stated in separate statements that “a significant revision to consensus estimates reflects an extreme change in economic circumstances over the past two week.”

“The Bank of Russia’s and government measures are designed to reduce the severity of the downturn in the economy and avoid a long period of high prices.”

The annual consumer inflation was 10.42% in March, as the Russian invasion of Ukraine and harsh Western sanctions that cut off the central banks of the West as well as other financial institutions from the international system resulted in the ruble hitting its historic lows.

In an emergency action, the Russian central bank increased its key interest rate from 9.5% to 20% last week. It also introduced capital controls. The Russian government instructed its export-oriented companies to sell foreign currencies as the ruble plunged to new lows.