Moscow (AFP) – Prime Minister Dmitry Medvedev urged Russians to be patient Wednesday as the ruble plunges due to falling oil prices and Western sanctions over Ukraine, and said the currency was now undervalued.
“It’s definitely not necessary to go into hysterics,” Medvedev said in an annual televised interview to sum up the year.
“Here, people just need to have patience and look at how events developed in a similar situation in 2008-2009 when the ruble weakened significantly,” he told five television channels.
“Most economists and analysts agree that at the moment the ruble is excessively weakened, that is, it is undervalued,” Medvedev assured Russians, warning that they could ultimately lose if they changed their savings into foreign currency.
The ruble has fallen around 40 percent against the dollar and 32 percent against the euro since the beginning of the year. On Wednesday it was worth 54.28 to the dollar…
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