‘Speculators’ are to blame for drop in Russian ruble exchange rate – Putin

According to Russian President Vladimir Putin, as swings in the ruble exchange rate were triggered by ‘the activity of speculators’, there is no fundamental economic reason for the currency’s slide.

“We witness speculative ruble exchange rate surges today, but I believe that this will stop soon, I also refer to those steps which the Central Bank of Russia is taking in response to action taken by speculators,” the Russian president said Monday at the Asia-Pacific Economic Cooperation (APEC) Business summit in Beiging.

He said that ‘these events on foreign currency market which we witness in Russia now are absolutely not linked with fundamental economic causes and factors’.

“Our financial authorities are taking necessary measures (to stabilize the ruble exchange rate),” Russian news agency TASS quotes Mr Putin as saying.

Putin stated that basic indicators on gold/forex reserves and balance of payments remained at good level. “This permits us to control the situation without additional extraordinary measures,” he added.

The Russian ruble has slumped nearly 30 percent against the dollar this year as plunging oil prices and Western sanctions over the Ukraine crisis shriveled Russia’s exports and investment inflows.


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