Rus News Journal

Vladimir Putin does not see the bases for rouble devaluation

Premieres - minister Vladimir Putin has held meeting on economic problems. He has noted positive macroeconomic tendencies which rouble stabilisation have led. The prime minister considers that or especially devaluation it is not necessary to wait for sharp rate fluctuations. The government even is ready to fly lower currency interventions which were undertaken for smoothing of rate fluctuation of rouble.
at meeting Putin has depicted improvements in the Russian economy. inflation - was sharply slowed down some weeks, two and a half a month it is practically on a zero mark. Participants of the market do not see the bases for sharp course fluctuations or devaluation - the prime minister has declared. moreover, our national currency becomes stronger - he has underlined. According to the head of the government, the economic situation in Russia improves: The external economic conjuncture, at Russia favorable trading balance is restored, gold and exchange currency reserves " increase also;. According to the prime minister, only for the last week they have added $7,2 billion on October, 9th the country had $418,7 billion

Putin has noticed that the rouble is now so strong that it is time to discuss and negative sides of this fact. participants of economic activities and representatives of real sector pay our attention that rouble exchange rate growth has both the pluses, and minuses for some branches of manufacture. I suggest to talk and discuss today on this theme all these problems - Putin has addressed to participants of meeting.

rouble strengthening allows to reduce currency interventions of the Russian Central Bank. While it is compelled to smooth by purchases of currencies rouble rate fluctuations, but in intermediate term prospect as Putin has noted, volumes can be reduced. It matters for the future: According to the head of the government, decrease in interventions in long-term prospect will lower the rate under credits and the rate of refinancing and will provide additional conditions for inflation decrease.

Putin has highly appreciated work of the government and the Central Bank in crisis. the government together with Bank of Russia in an uneasy situation of world financial crisis have managed to provide stability of domestic bank system, to protect national currency from sharp, painful for citizens and participants of economic activities of fluctuations and differences - the prime minister has told. In its opinion, the power realised a number of effective measures which have rescued bank system and trust of citizens. To such effectual measures Putin has carried simplification of an order of access of credit institutions to Central Bank resources, expansion of the pawn list, decrease in the rate of refinancing. As a result, as Putin, " has declared; Commercial banks already actively extinguish debts against the Central Bank and fill up the resources thanks to growth of contributions of citizens and deposits of the organisations .

At the same time the prime minister has urged not to stop on reached and to aspire to crediting expansion. Certainly, the head of the government considers, decrease in the interest rate for the enterprises from 17,4 % annual in January to 15,1 % in August it is good, but the rate is all the same high. new steps on stimulation of credit activity are necessary. Movement occurs, but too slowly and it is not enough - Putin has told.