- Title: RUSSIA-ROUBLE/MEDVEDEV Russian PM says no reason for rouble to weaken further
- Date: 11th November 2014
- Summary: MOSCOW, RUSSIA (NOVEMBER 11, 2014) (ORIGINALLY 4:3) (RUSSIAN POOL) RUSSIAN PRIME MINISTER, DMITRY MEDVEDEV, CHAIRING GOVERNMENT MEETING (SOUNDBITE) (Russian) RUSSIAN PRIME MINISTER DMITRY MEDVEDEV, SAYING: "Here and there not very well thought-through initiatives pop up like restricting foreign currency sales to citizens. I would like to say with all responsibility: the position of the government of the Russian Federation and the Central Bank of the Russian Federation on this issue is absolutely united. There should be no restrictions introduced on foreign currency sales". MEDVEDEV CHAIRING GOVERNMENT MEETING GOVERNMENT OFFICIALS LISTENING (SOUNDBITE) (Russian) RUSSIAN PRIME MINISTER, DMITRY MEDVEDEV, SAYING: "There are no fundamental reasons for further weakening of the rouble, the main economic indicators are stable. There are reserves for (its) development and support as I've already said, the bank system is rather stable." GOVERNMENT MEMBERS AT MEETING MEDVEDEV CHAIRING GOVERNMENT MEETING
- Embargoed: 26th November 2014 12:00
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- Topics: General
- Reuters ID: LVA88UP8GCI6JQOSQCAE983S7RNU
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- Story Text: Russian Prime Minister Dmitry Medvedev said on Tuesday (November 11) there were no fundamental reasons for the rouble to weaken further and ruled out restrictions on foreign currency sales.
"Here and there not very well thought-through initiatives pop up like restricting foreign currency sales to citizens. I would like to say with all responsibility: the position of the government of the Russian Federation and the Central Bank of the Russian Federation on this issue is absolutely united. There should be no restrictions introduced on foreign currency sales," Medvedev told a government meeting.
He also added he did not see fundamental reasons for further weakening of the Russian currency.
"There are no fundamental reasons for further weakening of the rouble, the main economic indicators are stable. There are reserves for (its) development and support as I've already said, the bank system is rather stable," said Medvedev.
The rouble has fallen nearly 30 percent against the dollar this year as plunging oil prices and Western sanctions over the crisis in Ukraine reduced Russia's exports and investment inflows.
The rouble extended losses on Tuesday to trade over 2 percent lower than the previous close against the dollar, as oil prices slid and as demand for dollars picked up after the central bank discontinued its regular forex market interventions.
At 1016 GMT, the rouble had recovered slightly but was still 1.9 percent lower against the dollar at 46.73 and lost 2.1 percent to trade at 57.99 versus the euro.
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