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Tuesday, August 22, 2017

Kudrin called the double collapse of the ruble shame for Russia

Former Finance Minister Alexei Kudrin has acted with critical remarks to the economic authorities on the forum in St. Petersburg. According to him, the depreciation of the ruble by more than two times is a disgrace to the state and the economic block of the government.

photo: Mikhail Kovalev

Alexei Kudrin

According to Kudrin, such a collapse of the currency means that the Russian authorities can not create a stable environment for business — for both technology imports and exports, reports “Interfax”.

“To be honest: the collapse of the national currency by more than two times is a disgrace for the economic authorities, I believe, well as for the country”, — told ex-the Minister of Finance, speaking at a business Breakfast Sberbank “Life after oil” at the St. Petersburg international economic forum.

The government should create such conditions, according to Kudrin, in order to avoid the collapse of the currency in the future “Must not increase dependence on consumption of oil revenues on the domestic market”, — the financier said, explaining that the price of oil is unlikely to rise above $ 50 per barrel.

The exchange rate of the ruble against world currencies plummeted in December 2014. Then the value of the Euro reached 100 rubles, dollar – 80. The weakening of the Russian currency contributed to the fall in oil prices. Since the summer of 2014 the price of Brent fell by more than two fold, from around $ 100 per barrel it has dropped to $ 30.

Read the material: Gref urged not to cling to the “tail” of a bygone oil era

The fall of the ruble. Chronicle of events

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