Russian government warns against panic as national currency plummets toward collapse
by: J. D. Heyes
NaturalNews.com
Saturday, October 04, 2014
A combination of aggressive Russian military actions, falling oil prices and sanctions by Europe and the United States may be having a dramatic effect on the nation’s currency, as authorities worked to calm fears last week when the embattled ruble fell to record lows.
In recent days, the Russian currency fell to 38.82 rubles per dollar, just days after weakening to below 38 rubles to the dollar for the first time. In addition, the currency broke through the “symbolic level of 50 rubles per euro for the first time in several months,” Agence France-Presse (AFP) reported.
Russia’s currency has begun to tank as investors’ worries over the impact of even tougher Western sanctions against Moscow are being considered over Russia’s military intervention in Crimea and Ukraine. Already, the Russian economy is edging toward recession, AFP reported, adding:
Ordinary Russians said they were concerned that a weaker ruble would drive up inflation and make foreign trips and foreign currency-denominated purchases an increasingly unaffordable luxury.
Alexei Moiseyev, Russia’s deputy finance minister, tried to reassure the public, saying the government was taking measures to cut inflation.
“Don’t panic,” he advised.
Actually, do panic
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