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Russian Finance Ministry notes weakening of national currencies in developing countries

August 26, 2015, 20:58 UTC+3 MOSCOW
According to the Finance Minister Siluanov, the main cause of the decline in economic activity in the emerging markets is the uncertainty in the Chinese economy
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MOSCOW, August 26. /TASS/. The weakening of national currencies in developing countries ranges from 5% to 15%, the Russian Finance Minister Anton Siluanov said Wednesday.

"We see that the decline in stock markets was about 10%, commodity prices reduced, currencies weakened, especially in developing countries, especially those exporting raw materials and the weakening of currencies in these countries was between 5% and 15%," the Minister said.

According to the Minister, the main cause of the decline in economic activity in the emerging markets is the uncertainty in the Chinese economy — one of the largest in the world, affecting the global demand, including commodities.

"Overproduction of oil, constant overproduction are also among the reasons. The demand is not growing at a pace that was previously expected," Siluanov said. In addition, according to the Minister, the increase in rates by the US Federal Reserve System also plays an important role — it could lead to the capital outflow from emerging markets.

"Yet the main influence for Russia is, of course, the decline in oil prices. The decline in prices for the month was about 20%, and about 10% last week. Of course, this has to reflect on the Russian financial market," the Minister said. All this, according to Siluanov, affected the depreciation of the ruble and the Russian stock market.

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