The Russian ruble falls to its lowest level in 6 years

The price of the Russian ruble fell in Monday's trading to its lowest level against the euro since December 2014.

According to Arabiyanet, the Russian Interfax agency reported that the Russian currency reached 93.97 rubles per euro during transactions.

Against the dollar, the ruble continued its violent decline, as it traded at 80.58 rubles to the dollar, close to the annual low of 80.90 rubles against the dollar last February. It is the worst of its kind since 2016, when it collapsed to 82.28 rubles per dollar due to Western sanctions on Moscow.

The Russian economy, which is already suffering and reliant on basic commodities, has been hit hard by the drop in oil prices and other major exports amid the decline in global trade this year due to the Coronavirus pandemic The investment climate in the country has also been affected by the consequences of a number of geopolitical problems, such as the poisoning of the opposition Alexei Navalny last August, and the house arrest of the prominent American investor, Michael Calvey, who has been detained in Moscow on charges of embezzlement since February 2019, according to the Middle East newspaper.

Russian President Vladimir Putin said, in a speech at the Russia Investment Forum last week, that we will have a decline in the economy of course, but it will be much less than in other countries. Our economy will decline this year by 4%.

and considered that stimulating investment activity in the short and long term is one of the priorities of the Russian government’s work.

Putin stressed that the Russian authorities will not impose a complete closure in the country, and said we have a clear vision of how we should act, and therefore we do not plan to impose complete restrictions, launching what is called a closure Nationally; When the economy stops, the business sector stops completely.

and pointed out that the imposition of restrictions will be based on the recommendations of doctors, and procedures will be specific in a region or city, and when there is an objective need.

and affirmed that the government is preparing a new set of measures to support the small and medium business sector in Russia. With regard to inflation rates in Russia, Putin said that the government has succeeded in preventing high inflation rates in the country, noting that inflation rates are still within the target at 4%.

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