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Russia has resources, market instruments to rectify economic situation — Medvedev

December 17, 2014, 14:01 UTC+3
he Russian Central Bank and government have jointly developed a package of measures to stabilize the situation on the country's financial market, Russian Prime Minister Dmitry Medvedev said
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Russian Prime Minister Dmitry Medvedev at a meeting with officials from the economic block of the government

Russian Prime Minister Dmitry Medvedev at a meeting with officials from the economic block of the government

© Dmitry Astakhov/Russian government's press service/TASS

MOSCOW, December 17. /TASS/. Russia has foreign currency resources, Prime Minister Dmitry Medvedev said at a meeting with officials from the economic block of the government, the Central Bank and top managers of largest Russian companies.

“There are economic instruments needed to satisfy the specific demand,” he noted.

The Russian ruble cannot but react to sanctions but its current exchange rate by no means agrees with the real picture and has already gone beyond the bounds that are comfortable for the economy, Medvedev said.

He identified two fundamental causes for the ruble’s fall that did not depend on Russia — plummeting oil prices and foreign political pressures, including sanctions.

“The financial markets our banks and companies used to have access to are practically closed. Of course, the ruble cannot but react to this, but the rates we have seen at exchange offices over the past few days do not correspond to the objective picture. They are unreasonably beyond the bounds that are comfortable for the economy and the people,” he said.

Medvedev said he finds it unreasonable to introduce tough regulations on currency market in Russia. “It is senseless to introduce extremely tough regulations in this sphere which have already been in effect at some period of time as this will result in nothing useful,” he said.

The Russian Central Bank and government have jointly developed a package of measures to stabilize the situation on the country's financial market, the prime minister said "We will coordinate our actions," Medvedev said.

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