Rublo state
Russian authorities urged people not to panic on Tuesday as the rouble fell to a new all-time low against the US dollar amid concerns about the effect of sanctions on the country's economy. The rouble fell about 1% to 38.71 per dollar, the weakest it has been since the currency was restructured in 1998. Last week, the US and Europe introduced further sanctions against Russia for its actions in Ukraine.
Russian authorities urged people not to panic on Tuesday as the rouble fell to a new all-time low against the US dollar amid concerns about the effect of sanctions on the country's economy. The rouble fell about 1% to 38.71 per dollar, the weakest it has been since the currency was restructured in 1998. Last week, the US and Europe introduced further sanctions against Russia for its actions in Ukraine.
"Don't panic," said deputy finance minister Alexei Moiseyev.Ordinary Russians are concerned the fall in the rouble could drive up the already high rate of inflation. In early September annual inflation was 7.7% as the weaker rouble increased the cost of foreign imports and Moscow's food import ban reduced competition. The central bank aims to reduce inflation to 4.5% next year and Mr Moiseyev said authorities would act to curb any further increases.
INC News, 16/09/2014-via BBC
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