Vladimir Putin has dismissed the Russian ruble weakening as temporary and endorsed the measures taken by the central bank saying that it could have acted earlier and it shouldn’t “burn” reserves on intervention.
Speaking at his annual press conference, Russian President Vladimir Putin endorsed the actions of the Bank of Russia and highlighted the need for the country’s economy to diversify away from investment in oil and natural gas production. That should be encouraging news if there were free capital to channel it into different sectors of the economy, but where is it?
He further highlighted that the actions which the Bank of Russia is taking to limit the ruble’s decline are the right course of action. Tightening Liquidity on the Russian ruble and increasing the provision of foreign currency liquidity would, in his words, stabilize the currency market. The deep knowledge of capital markets which Mr. Putin demonstrates sounds mesmerizing indeed.
Truth be told, this strategy did work for a while, but it wasn’t enforced by the central bank strongly enough.
It is difficult to ignore the confidence with which Mr. Putin speaks. He strongly supported the recent actions of the Bank of Russia, albeit clarifying that they could have taken action earlier.
In a free market tone (and, in our view, correctly) he discouraged direct market intervention operations on the open market and highlighted that the Bank of Russia shouldn’t be “burning” forex reserves to feed speculators.
Vladimir Putin correctly pointed out that the current situation is a result of external factors, namely oil prices collapsing and sanctions imposed by the West, but he also outlined that Russia has failed to diversify its economy.
The stark optimism in his words was supported by a statement explaining that the current situation is not likely to continue deteriorating because of global growth. He expressed confidence that the Russian economy will “inevitably” recover and highlighted the need for "further" diversification.
In the most pessimistic scenario the term necessary for recovery is two years “but it could be sooner,” Putin added. Let's agree to disagree - that's rather the most optimistic scenario, considering our current position in the economic cycle and the slowing Chinese growth hitting global commodity markets.
“I hope that the current high key interest rate will not remain for long, the economy will adapt to the new conditions of low oil and natural gas prices. Restructuring is inevitable,” Mr. Putin said.
If the concentrated capital close to the Russian government elects to invest it in long term production of goods and services instead of get-rich-quick schemes as is the norm, then yes, it’s possible.
After yesterday’s rally, the Russian ruble market has been trading more or less flat against the US dollar as oil prices are higher by 4.5% in today’s trading. However, it is noteworthy to say that the currency hit 55 rubles to the dollar after the market opened in Moscow.
Those gains quickly evaporated and were likely caused by a chunk of the $7 billion war chest prepared by the Russian finance ministry yesterday.
Speaking at his annual press conference, Russian President Vladimir Putin endorsed the actions of the Bank of Russia and highlighted the need for the country’s economy to diversify away from investment in oil and natural gas production. That should be encouraging news if there were free capital to channel it into different sectors of the economy, but where is it?
He further highlighted that the actions which the Bank of Russia is taking to limit the ruble’s decline are the right course of action. Tightening Liquidity on the Russian ruble and increasing the provision of foreign currency liquidity would, in his words, stabilize the currency market. The deep knowledge of capital markets which Mr. Putin demonstrates sounds mesmerizing indeed.
Truth be told, this strategy did work for a while, but it wasn’t enforced by the central bank strongly enough.
It is difficult to ignore the confidence with which Mr. Putin speaks. He strongly supported the recent actions of the Bank of Russia, albeit clarifying that they could have taken action earlier.
In a free market tone (and, in our view, correctly) he discouraged direct market intervention operations on the open market and highlighted that the Bank of Russia shouldn’t be “burning” forex reserves to feed speculators.
Vladimir Putin correctly pointed out that the current situation is a result of external factors, namely oil prices collapsing and sanctions imposed by the West, but he also outlined that Russia has failed to diversify its economy.
The stark optimism in his words was supported by a statement explaining that the current situation is not likely to continue deteriorating because of global growth. He expressed confidence that the Russian economy will “inevitably” recover and highlighted the need for "further" diversification.
In the most pessimistic scenario the term necessary for recovery is two years “but it could be sooner,” Putin added. Let's agree to disagree - that's rather the most optimistic scenario, considering our current position in the economic cycle and the slowing Chinese growth hitting global commodity markets.
“I hope that the current high key interest rate will not remain for long, the economy will adapt to the new conditions of low oil and natural gas prices. Restructuring is inevitable,” Mr. Putin said.
If the concentrated capital close to the Russian government elects to invest it in long term production of goods and services instead of get-rich-quick schemes as is the norm, then yes, it’s possible.
After yesterday’s rally, the Russian ruble market has been trading more or less flat against the US dollar as oil prices are higher by 4.5% in today’s trading. However, it is noteworthy to say that the currency hit 55 rubles to the dollar after the market opened in Moscow.
Those gains quickly evaporated and were likely caused by a chunk of the $7 billion war chest prepared by the Russian finance ministry yesterday.
Gender Gap in Online Privacy Concerns: Women More Reserved in Sharing Personal Data
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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