The Kremlin. Stock photo: Getty Images<\/p>\n
Kremlin spokesman Dmitry Peskov has claimed that Russia\u2019s macroeconomic situation remains “reliable and predictable” despite the rouble’s collapse and the onset of recession.<\/p>\n
Source: The Moscow Times<\/a>, an independent Amsterdam-based news outlet<\/p>\n Details: Peskov\u2019s comment came amid a sharp fall of the rouble: the euro rose above 100 roubles for the first time since February, the dollar climbed to 85.91 roubles, and the yuan to 12.05.\u00a0<\/p>\n Advertisement:<\/p>\n
The Russian currency has lost 10-12% of its value since mid-July.<\/p>\n Official data shows that Russia\u2019s economy contracted by 0.6% quarter-on-quarter for two consecutive quarters, meeting the definition of a “technical recession”. The Ministry of Economic Development recorded almost zero annual growth \u2013 just 0.4% in July.<\/p>\n Peskov explained the fall of the rouble as a result of “market processes” and said that exchange rates always spark disputes between exporters and importers.<\/p>\n Background: Russia\u2019s economy faces deeper problems than officially acknowledged, and in the coming year there is a real risk of a systemic banking crisis<\/a>.<\/p>\n
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