19 Dec 2014
Putin blames the west for Rouble rubble – Danske
FXStreet (Barcelona) - The Danske Bank Research Team cite Putin’s comments which targeted the west for economic troubles and rouble’s recent drop, blaming ‘external factors’ for the currency’s weakening.
Key Quotes
“Although Yellen at Wednesday’s FOMC meeting talked down the direct influence of the Russian turmoil on the US economy, the situation in Russia remains very much in focus.”
“At yesterday’s traditional yearly press conference president Putin blamed the west for the economic troubles and repeatedly claimed that the rouble’s significant drop in recent months is a consequence of ‘external factors’.”
“Putin’s tone on the economy was, however, at the same time surprisingly dovish and liberal. He opposed capital controls, did not view the recent interest rate hike as the right choice, but stated that macroeconomic stability had demanded the decision.”
“Putin backed the decision to let the rouble float and opposed spending FX reserve on rouble support. He said that the difficult times could last up to two years, and oil reserves are a good protection.”
“Putin also hoped that banks will not raise interest rates on home loans after the interest rate decision, but did say that the situation indeed is difficult.”
Key Quotes
“Although Yellen at Wednesday’s FOMC meeting talked down the direct influence of the Russian turmoil on the US economy, the situation in Russia remains very much in focus.”
“At yesterday’s traditional yearly press conference president Putin blamed the west for the economic troubles and repeatedly claimed that the rouble’s significant drop in recent months is a consequence of ‘external factors’.”
“Putin’s tone on the economy was, however, at the same time surprisingly dovish and liberal. He opposed capital controls, did not view the recent interest rate hike as the right choice, but stated that macroeconomic stability had demanded the decision.”
“Putin backed the decision to let the rouble float and opposed spending FX reserve on rouble support. He said that the difficult times could last up to two years, and oil reserves are a good protection.”
“Putin also hoped that banks will not raise interest rates on home loans after the interest rate decision, but did say that the situation indeed is difficult.”