Russia declares ruble crisis over
Russia declared its currency crisis over on December 25, even as Moscow's foreign exchange reserves plummeted and annual inflation rose above 10 percent, adding to the difficulties Russia faces as it tries to overcome its worst economic crisis since 1998.
Russia declared its currency crisis over on December 25, even as Moscow's foreign exchange reserves plummeted and annual inflation rose above 10 percent, adding to the difficulties Russia faces as it tries to overcome its worst economic crisis since 1998.
Speaking before the Senate, Russian Finance Minister Anton Siluanov affirmed: "The base interest rate has been raised to stabilize the situation in the currency market. In our opinion, this phase (of the currency crisis) is over. The ruble is strengthening."
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| Illustration photo. (Source: neftegaz.ru) |
Last week, the value of the ruble fell to an all-time low due to a sharp drop in oil prices and Western sanctions against Moscow over the crisis in Ukraine, which have made it virtually impossible for Russian companies to raise capital in Western markets.
However, the Ruble has recovered strongly after Russian authorities applied measures to prevent the currency from falling, such as raising interest rates from 10.5% to 17% and restricting grain exports, while successfully curbing inflation./.
According to VNA
