Deputy Prime Minister, Finance Minister Alexei Kudrin
Photo: Dmitry Dukhanin
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Crisis Won’t Hit Russia This Year
The government foresees no crisis in Russia in 2008, Deputy Prime Minister, Finance Minister Alexei Kudrin reported to the State Duma, specifying that the Central Bank of Russia (CBR) will balance the short-term liquidity crisis.
“The CBR and government have enough funds to ensure stability of the RF financial system” in the environment when global companies are expected to write off funds anew, the minister explained.
Such writing-off amounted to $190 billion by late February and it may step up to $190 billion, the analysts speculate. “It means the world crisis is at the peak and will probably continue,” Kudrin pointed out, adding that no revolutionary solutions should be enforced on the country’s financial system in such conditions.
Kudrin made the statement in the wake of the report elaborated by the RF Government’s Financial Academy and dedicated to financial crisis risks and factors, scenarios and policy to oppose them. Russia is threatened by several crises, the masterminds of the report claimed.
The so-called financial infection threatens Russia from outside, said Yakov Mirkin, director of Financial Academy’s Financial Market Institute. The threat is triggered by nonresident investors, as the demand and prices for Russia’s financial assets depend exactly on them.
Non-residents cover 70 percent of Russia’s debt market, according to Financial Academy.
www.kommersant.com
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