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Russian PM advises public to keep savings in rubles

November 30, 13:01 UTC+3

According to Medvedev, the country's economy has entered a stage of growth and positive changes

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© Artyom Geodakyan/TASS

MOSCOW, November 30. /TASS/. Russian Prime Minister Dmitry Medvedev advises the population to keep their savings in rubles. The prime minister made such a statement in his annual live interview with Russian TV channels on Thursday.

"Considering that the overwhelming majority of our citizens keeps their savings in rubles now, makes payment in rubles and receives salaries in rubles, the answer regarding [the currency] to keep money in is obvious," Medvedev said. 

The exchange rate of the Russian currency is stable, external factors influence it, but less than several years ago, Medvedev added.

"It is obvious that the exchange rate of the national currency is stable at the moment, given that the exchange rate was always influenced by a number of parameters: the world financial system, the internal state of the economy. With reference to our country, it is quite clear that the domestic state of the economy is largely dictated by hydrocarbon prices and other factors, including external shocks such as sanctions. Now we can admit that all these parameters, although have an impact on the ruble exchange rate, it is not the same as it was a few years ago," Medvedev said. 

Inflation 

At the end of the year, Russia's GDP growth will be about 2%, inflation will be below 3%, Dmitry Medvedev has added. He noted that in 2016 the Russian economy fell by 0.2%.

"This year the situation is different, according to all analysts - both ours and foreign ones - by the end of this year we will see about 2% of GDP growth," he said. The premier added that "this year will see a record low inflation, in all likelihood, it will be below 3%."

"This is of direct importance for the economy, where such inflation allows us to issue cheaper loans, and for ordinary citizens, for them depreciation of money and the currency's solvency are more understandable values," the Prime Minister added.

According to Medvedev, the country's economy has entered a stage of growth and positive changes.

"In my opinion, today we can see that the economy has entered the stage of growth. In general, the changes that occurred in the economy are quite favorable (...). Last but not least, this year we can expect growth of investments in fixed assets of more than 4%, as a result profits will grow," he said.

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