Arab Today, arab today russian pm warns against hysterics over ruble collapse
Last Updated : GMT 14:47:17
Arab Today, arab today
Arab Today, arab today

Russian PM warns against 'hysterics' over ruble collapse

Arab Today, arab today

Arab Today, arab today Russian PM warns against 'hysterics' over ruble collapse

Russian PM Dmitry Medvedev
Moscow - AFP

Prime Minister Dmitry Medvedev urged Russians to be patient Wednesday as the ruble plunged further due to falling oil prices and Western sanctions over Ukraine, and said the currency was now undervalued.
"It's definitely not necessary to go into hysterics," Medvedev said in an annual televised interview.
"Here, people just need to have patience and look at how events developed in a similar situation in 2008-2009 when the ruble weakened significantly," he told five television channels.
"Most economists and analysts agree that at the moment the ruble is excessively weakened, that is, it is undervalued," said Medvedev, who served a four-year stint as president from 2008 before ceding the Kremlin back to his mentor Vladimir Putin in 2012.
He warned that Russians could ultimately lose if they converted their savings into foreign currency.
The dollar is now up some 65 percent against the ruble since the start of the year.
The Russian currency is also at a level of 67 rubles against the euro, down from 45 rubles at the start of the year.
On Wednesday, the ruble hit a new record low of over 68 to the euro in late afternoon trading.
This year, falling growth has been exacerbated by the impact of Western sanctions on Russia over Ukraine and falling oil prices.
Authorities have repeatedly intervened but have so far been unable to halt the collapse of the ruble.
The World Bank on Tuesday announced a gloomier economic forecast for Russia, predicting its economy would shrink by 0.7 percent in 2015.
- 'In the same boat' -
Medvedev said that during the 2008-09 crisis when the ruble last fell dramatically against the dollar and euro, those who exchanged savings ended up losing money as the currency subsequently strengthened.
He added that he kept his own money in rubles.
"We are in the same boat," he said.
Nevertheless, the prime minister conceded that ordinary Russians were suffering from rising prices and that while a weak ruble benefited exporters, it was harmful to the economy in the long run.
He reiterated the Kremlin's official line by saying that it was not up to Russia to lift the sanctions, which, he conceded, had cost the country billions of dollars this year.
"We didn't bring in these sanctions and we shouldn't be the ones to cancel them, that is their business," Medvedev said, harshly criticising the United States, whose current administration he said is "behaving unreasonably and unpredictably."
"Our economy as a result of these sanctions has probably lost tens of billions of dollars," he said.
Finance Minister Anton Siluanov had earlier said that the Russian economy was losing some $40 billion a year over the sanctions.
"According to the calculations of our economists, the European economy has lost 40 billion euros only from cancelling contracts with Russia," Medvedev added in the interview.
Germany, Italy and France are Russia's biggest European trading partners.
Among the most high-profile EU-Russia deals to be hit by sanctions is France's delivery of two warships to Russia.
Although the deal was done before the EU imposed sanctions on Russia, Paris came under intense pressure to scrap the accord, and has since said it would postpone the decision on whether to hand over the Mistrals.
Medvedev’s promises to make Russia a freer, more democratic country created unprecedented hopes when he took office in 2008.
But he lost much of his influence after he willingly renounced his claim to a second term and swapped jobs with Putin.
Incensed by Putin's announcement of the job swap and subsequent fraud-tainted parliamentary elections in December, tens of thousands took to the streets in protests on a scale unprecedented since the turbulent days of the early 1990s.
A subsequent clampdown on freedoms dealt a huge blow to Russia's protest movement but some analysts say that mounting economic trouble could trigger a new wave of protests in the near future.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russian pm warns against hysterics over ruble collapse Arab Today, arab today russian pm warns against hysterics over ruble collapse

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russian pm warns against hysterics over ruble collapse Arab Today, arab today russian pm warns against hysterics over ruble collapse

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday