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Russian central government criticized for weak ruble
In Russia's "economic event of the year" in St. Petersburg investors have opportunities for growth in energy superpower highlighted, but also called for a more rapid modernization.
"Who wants to benefit from globalization, diversity has to offer," chairman of the board of Russian Machines Siegfried Wolf said on Thursday at the Economic Forum in the tourist metropolis. Economy Minister Andrei Belousov not closed in the face of a continued sluggish economy from a recession in Russia.
According to the Ministry of Interior to protect a total of 10 000 security forces, the multi-day meeting in the city on the Gulf of Finland. Where Chancellor Angela Merkel and Kremlin leader Vladimir Putin are expected this Friday.
Russia's deputy central bank governor Alexei Ulyukayev unusually clear criticized government plans for targeted devaluation of the national currency. The thrust of the Treasury to boost a weak ruble conscious growth, was "not convincing," Ulyukayev said. "This road is not enough for us." The ruble lost for days for dollars and euros. Kremlin spokesman Dmitry Peskov had emphasized common currency fluctuations were not targeted devaluation.
Finance Minister Anton Siluanow had the massive buying of foreign exchange announced - at the expense of the ruble exchange rate. Experts warn that this policy, inflation could accelerate. From government sources said repeatedly, the weak ruble also have advantages. Since the energy of great power their oil and gas sold for dollars, the revenues remain at a high level. The issues run hand in rubles.
The International Monetary Fund had lowered its growth forecast for the current year Russia recently from 3.4 to 2.5 percent. In comparison to Europe this could indeed be seen, experts stress. But for the repeatedly announced by Putin modernization of this industry is lagging too little.
On the edge of the Forum Putin announced an "unprecedented" contract oil supplies to the resource-hungry China worth 60 billion U.S. dollars (about 45 billion euros). The state company Rosneft will pump "more than 100 million tons" in the neighboring country, Putin said at a meeting with Deputy Prime Minister Zhang Gaoli. "These are projects for decades," the president said.
Russia also campaigned vigorously in St. Petersburg to investors for the Football World Cup, hosted by the giant empire in 2018. / Where / DP / gross floor area
ST. MOSCOW (Reuters)
In Russia's "economic event of the year" in St. Petersburg investors have opportunities for growth in energy superpower highlighted, but also called for a more rapid modernization.
"Who wants to benefit from globalization, diversity has to offer," chairman of the board of Russian Machines Siegfried Wolf said on Thursday at the Economic Forum in the tourist metropolis. Economy Minister Andrei Belousov not closed in the face of a continued sluggish economy from a recession in Russia.
According to the Ministry of Interior to protect a total of 10 000 security forces, the multi-day meeting in the city on the Gulf of Finland. Where Chancellor Angela Merkel and Kremlin leader Vladimir Putin are expected this Friday.
Russia's deputy central bank governor Alexei Ulyukayev unusually clear criticized government plans for targeted devaluation of the national currency. The thrust of the Treasury to boost a weak ruble conscious growth, was "not convincing," Ulyukayev said. "This road is not enough for us." The ruble lost for days for dollars and euros. Kremlin spokesman Dmitry Peskov had emphasized common currency fluctuations were not targeted devaluation.
Finance Minister Anton Siluanow had the massive buying of foreign exchange announced - at the expense of the ruble exchange rate. Experts warn that this policy, inflation could accelerate. From government sources said repeatedly, the weak ruble also have advantages. Since the energy of great power their oil and gas sold for dollars, the revenues remain at a high level. The issues run hand in rubles.
The International Monetary Fund had lowered its growth forecast for the current year Russia recently from 3.4 to 2.5 percent. In comparison to Europe this could indeed be seen, experts stress. But for the repeatedly announced by Putin modernization of this industry is lagging too little.
On the edge of the Forum Putin announced an "unprecedented" contract oil supplies to the resource-hungry China worth 60 billion U.S. dollars (about 45 billion euros). The state company Rosneft will pump "more than 100 million tons" in the neighboring country, Putin said at a meeting with Deputy Prime Minister Zhang Gaoli. "These are projects for decades," the president said.
Russia also campaigned vigorously in St. Petersburg to investors for the Football World Cup, hosted by the giant empire in 2018. / Where / DP / gross floor area
ST. MOSCOW (Reuters)
