MOSCOW, Dec. 17 (Xinhua) -- Russian Prime Minister Dmitry Medvedev on Wednesday warned citizens and companies of attempting to make profit in the current unstable financial situation, calling the ongoing events at the currency market a "game of emotions."
"We must proceed from the fact that purchasing of currency in the present situation means buying it by unfavorable rate," Medvedev told a government meeting.
He noted that the government possessed enough foreign currency to finance economic projects and called to restore order on the currency market promptly.
"The exchange rate has spilled out of the limits which are comfortable for our economy," Interfax news agency quoted him as saying.
Medvedev reiterated earlier remarks made by various senior government officials that ruble has been underestimated and its rate does not match the actual state of affairs in the Russian economy.
The government would work with exclusively market tools and in close coordination with the Central Bank, he noted.
The meeting was also attended by top managers of Russia's ten largest companies, including gas monopoly Gazprom, oil giants Rosneft, Bashneft, Tatneft and Lukoil.
The prime minister ordered the state financial watchdog Rosfinmonitoring to start daily monitoring of how these companies spend their currency reserves.
This is the second government meeting in the last two days devoted to the situation at the Russian financial sector. On Tuesday, dubbed by the local media as "black", Medvedev convened an extraordinary meeting to discuss response measures in the current financial and economic situation in the country.
MOSCOW, Dec. 17 (Xinhua) -- The Russian Finance Ministry has begun selling its leftover currency reserves on the market, the ministry's press office said Wednesday.
The amount that can be sold on the market is almost 7 billion U.S. dollars, which "involves funds on the federal budget's single account in Russian Federal Treasury," according to the ministry. Full story
MOSCOW, Dec. 16 (Xinhua) -- The Russian government has worked out measures to stabilize the currency market, Economy Minister Alexei Ulyukayev said Tuesday.
"We think that the current exchange rate does not correspond to fundamental macroeconomic conditions...We have mapped out a set of measures, which should help stabilize the situation," Ulyukayev said after a government meeting chaired by Prime Minister Dmitry Medvedev on financial and economic situation. Full story
MOSCOW, Dec. 16 (Xinhua) -- Russia's ruble plunged to new lows Tuesday, with the euro once hitting 100 rubles and the U.S. dollar 80 rubles in Moscow trade.
Both figures went down in half an hour to 92 rubles and 73 rubles respectively at 4:00 p.m. Moscow Time (1300 GMT), according to online data published by the Moscow Exchange. Full story
MOSCOW, Dec. 4 (Xinhua) -- Russia seeks for more independent economic development and has proved its national strength amid Western sanctions, President Vladimir Putin said Thursday.
Russia depends on itself for economic development, remains open to world investments and is not interested in arm races, Putin said in his annual state of the nation address to the Federal Assembly. Full story
