Russia says ruble crisis over as reserves dive, inflation climbs

[clearvision]

Reuters:

Russia said on Thursday its currency crisis was over even though its forex reserves have plunged and annual inflation has climbed above 10 percent, adding to the problems facing the government as it fights its worst economic crisis since 1998.

 

The ruble plunged to all-time lows last week on heavy falls in the price of oil, the backbone of the Russian economy, and Western sanctions over the Ukraine crisis that made it near impossible for Russian firms to borrow on Western markets.

 

But it has since rebounded sharply after authorities took steps to halt its slide and bring down inflation, which after years of stability threatens President Vladimir Putin's reputation for ensuring the country's prosperity.

 

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Well if Putin says the crisis is over it must be over...

[Cyber_Liberty]