Forbes columnist: oil prices not collapsed the Russian economy, as in the 90s

Forbes columnist: oil prices not collapsed the Russian economy, as in the 90s

Thanks to the competent policy of the Central Bank, macroeconomic stability, Russia is not in danger, said the economist mark Adomanis. Despite the current difficulties, the decline in oil prices will not bring down the financial system of the country.

MOSCOW, 15 Jan –. The economic difficulties experienced by Russia, is unlikely to be short-term, however, the policy of the Central Bank suggests that the financial situation of the country today is much more stable than in the late 1990-ies, says Forbes columnist mark Adomanis.

“Today’s crisis is very different from what happened in Russia during the last collapse in oil prices in the late 1990-ies. Then the country was simply not noteworthy financial “support”, and the result was, in fact, the collapse of the state financial system. Now this doesn’t happen,” writes the economist.

Instead actively use foreign exchange reserves to stabilize the ruble, as it was in the end of 2014 and in the course of 2009, the Central Bank protects these reserves, underlines Adomanis. In his view, this suggests that the regulator understands that the current complexity is the new norm, which in the near future will not change. The presence of this cushion is of little use to ordinary citizens right now, but will play a role in the future, says the economist.

“This means that essential macroeconomic stability is not threatened and that the top management does not feel panic and remains focused on the long term,” writes the author.

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