Russian Economy Minister: The ruble will regain its value in this case!

November 29, 2024

Russian Economy Minister Maxim Reshetnikov confirmed today, Friday, that the Russian ruble will regain its strength once the temporary speculative factors disappear and tensions in the markets calm down. The minister indicated that the Russian economy will face the need to adapt to the new US sanctions targeting the banking sector.

Reshetnikov explained in a statement that adapting to these sanctions requires modifying banking mechanisms and strengthening channels of foreign currency flows to the Russian market. He added that the current decline in the value of the ruble has no fundamental reasons, and the exchange rate is expected to return to its basic levels as the market situation stabilizes.

The minister's statements came after Russian President Vladimir Putin called on citizens not to panic over the decline in the value of the Russian ruble, in addition to the announcement by the Russian Central Bank of its decision to stop purchasing foreign currencies from the local market from November 28 until the end of the year. Read also:

Economic and dollar pressures weaken the Russian ruble