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Main » 2015 » October » 16 » Moody: financial tensions ravaging Russia reserves
12:25
Moody: financial tensions ravaging Russia reserves
 
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Moody takes an alarming sign, since the Russian financial strength leads to the devastation of reserves.

The core of the Russian credit every day looks more precarious for the rating agency Moody's Investors Service.

 

 

"What was once a strong asset of the country, which was a very strong financial position of the government, is currently under great pressure", - he said on Wednesday, a senior vice president of credit-rating company Kristin Lindow, in an interview in Moscow. - "There is no more debt, but the country is actively destroys its buffer savings, while having in the medium term is very little chance to recover them."


The public finances of the country were in the spotlight, as the government has discussed that the financial regulation of the economy is completely destroyed by international sanctions and falling oil prices, paralyzing investment and consumer demand. The budget deficit next year will reach 2.4 trillion rubles ($ 39 billion.), Or 3% of total production, after Russia refused to cuts in defense spending during the campaign in Syria, its first military foray outside the former Soviet Union for three decades.

The government already has the biggest deficit in five years in 2015 after the collapse of oil prices, which, together with natural gas accounting for nearly half of Russia's budget revenues. The economy of the world's largest energy exporter is facing the threat of the longest recession in the past two decades. The ruble fell by about 35% against the dollar over the past 12 months. 

According to the materials WelTrade

Source

 

 

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