central bank too early to say russia crisis over
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Central bank: Too early to say Russia crisis over

Arab Today, arab today

Arab Today, arab today Central bank: Too early to say Russia crisis over

Russian Central Bank Governor Elvira Nabiullina
Moscow - AFP

Russian central bank chief Elvira Nabiullina said on Thursday it was too early to say the crisis is over in Russia after the economy was hit by Western sanctions and falling oil prices,  

"It's premature to say that all the features of the crisis are over," Nabiullina said at a bank congress in Russia's second city of Saint Petersburg.

"The risks have softened but remain the same ones and we must realise this," she said, cited by the Interfax news agency

Her statement runs contrary to the optimism demonstrated by the Russian authorities who have said numerous times recently that the worst was over.

President Vladimir Putin even said that the use of the term "crisis" was inappropriate.

On the back of a surge in fighting in eastern Ukraine on Wednesday the ruble plunged spectacularly, losing about 3 percent of its value against the dollar and the euro and reaching its lowest level for two months.

The Ukrainian crisis has led to unprecedented Western sanctions on the Russian economy and last year's collapse in oil prices plunged Russia into a monetary crisis at the end of 2014 that has now become a deep recession.

A degree of stabilisation this spring has seen the ruble claw back some value.

But Kiev's announcement on Wednesday that the pro-Russian separatists in the country's east had launched a major offensive against Ukrainian positions and a drop in oil prices saw the currency fall once more.

Nabiullina acknowledged that "outside conditions remain quite unfavourable."

"Yes, of course, oil prices have grown but even when they are stabilised at the current level, they are a third less than the average over the last 5 years."

Prices for goods that Russia traditionally exports are falling, so "it's not a good idea to think that exports will pull up our economy."

Russia is expected to lose between $150 and $170 billion in export revenues per year compared with its usual level, she added.

Russia's economy contracted by 1.9 percent in the first quarter of the year, the first time this has happened since 2009.

While the ruble had bounced back in recent months, consumption and purchasing power were increasingly affected by the financial crisis.

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*

central bank too early to say russia crisis over central bank too early to say russia crisis over

 



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*

central bank too early to say russia crisis over central bank too early to say russia crisis over

 



GMT 15:44 2016 Friday ,25 March

Nets spoil LeBron James' big night

GMT 14:22 2016 Sunday ,07 August

Olympics: Records fall as Games start with a bang

GMT 10:42 2016 Thursday ,24 November

Tuscan city forced to live without its honeypot

GMT 20:39 2017 Friday ,29 September

Julia Louis-Dreyfus announces she has breast cancer

GMT 07:49 2016 Thursday ,22 December

Goodyear Eagle-360 wins prestigious design award

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 17:47 2017 Thursday ,01 June

US firm PPG scrubs bid to takeover AkzoNobel

GMT 23:10 2017 Wednesday ,25 October

Etihad Aviation Group launches second year of acclaimed

GMT 16:07 2017 Thursday ,30 March

Jordan Joint Chief of Staff Meets US Official
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday