Russian Government Reassures Citizens Leaders Will Meet To Find Solution

January 13, 2015 Share Print 0

Amid continued economic deterioration, the Russian government took steps to reassure the public yesterday that its leaders are on the job. Russians have seen the purchasing power of their savings cut in half due to a plunge in the value of the ruble, brought about by a devastating decline in oil prices and a raft of economic sanctions levied by the international community in response to President Vladimir Putin’s decision to invade parts of neighboring Crimea.

On Monday, Russian Prime Minister Dmitry Medvedev admitted that the economy is facing a crisis, but said the Kremlin was focused on the problem. Russian leaders will apparently respond by holding meetings. Lots of them.

“The economic situation is quite problematic to say the least,” Medvedev said Monday, according to a number of media reports. “Therefore, all of the members of the government must hold key meetings in the areas that they coordinate, as we have already agreed.”

“This should be done regularly,” he said.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.