Kremlin spokesman Dmitry Peskov has claimed that Russia’s macroeconomic scenario stays "dependable and predictable" regardless of the rouble's collapse and the onset of recession.

Supply: The Moscow Instances, an impartial Amsterdam-based information outlet

Particulars: Peskov’s remark got here amid a pointy fall of the rouble: the euro rose above 100 roubles for the primary time since February, the greenback climbed to 85.91 roubles, and the yuan to 12.05.

The Russian forex has misplaced 10-12% of its worth since mid-July.

Official information reveals that Russia’s economic system contracted by 0.6% quarter-on-quarter for 2 consecutive quarters, assembly the definition of a "technical recession". The Ministry of Financial Improvement recorded nearly zero annual development – simply 0.4% in July.

Peskov defined the autumn of the rouble on account of "market processes" and stated that trade charges at all times spark disputes between exporters and importers.

Background: Russia’s economic system faces deeper issues than formally acknowledged, and within the coming 12 months there’s a actual danger of a systemic banking disaster.

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