Russia will take new measures to sustain the ruble, acting president Vladimir Putin announced Thursday, as the currency came under fresh pressure.
Published:
8 January 2000 y., Saturday
Putin gave his backing to a proposal by central bank governor Viktor Gerachshenko who wants to force Russian exporters to sell all their foreign currency through the exchange market. The governor also discussed with Putin a possible lowering of interest rates.
At the moment exporters have to process 75 percent of foreign currency earnings through the officia market. "This proposition goes in the right direction, there are few countries that give their exporters the possibility of keeping" their currency earnings, Putin told NTV television.
"But this decision must be balanced and must be accompanied by a toughening of controls on the exit of currencies. It must not however damage the interests of exporters," he added.
Putin said lowering interest rates would boost the economy, the Russian financial markets and industry.
The ruble fell Thursday to 27.23 to the dollar against 26.95 during the last trading session on December 27. It also fell against the euro to 28.23 rubles from 27.35.
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Commission has approved under EC Treaty state aid rules a Latvian support scheme to stabilise financial markets by providing guarantees to eligible banks to ensure their access to financing.
more »
Gathering in Beijing, China's political elite gather to celebrate three decades of China's economic reform and market liberalisation.
more »
After two days of intense negotiations, European leaders reached agreement on how to achieve the EU’s ambitious climate change goals and endorsed a €200bn plan to revive the flagging EU economy.
more »
Detroit won't get its bailout, as the U.S. Senate blocked the measure to rescue America's big three car makers.
more »
The world is facing “an acute food crisis”. That was the verdict of a report adopted by MEPs in the Agriculture Committee on 8 December.
more »
The European Commission has agreed a Communication that aims to improve the functioning of the food supply chain in order to lower prices for consumers.
more »
The World Bank's 2009 Global Economic Prospects report is projecting world growth will shrink to 0.9 percent next year.
more »
Prospects for a federal aid package to help the US auto industry advanced on Monday.
more »
A new report from Aite Group LLC explores possible regulatory and legislative responses to the current financial crisis, with particular attention paid to three key topics: consumer lending, risk management and deposit relationships.
more »
A new report from Mercator Advisory Group's Retail Banking Practice focuses on the ATM and the multifaceted role it plays in the retail banking market.
more »