SHAFAQNA (Shia International News Association) – President Putin has insisted Russia’s currency will stabilise but warned the economic difficulties may last two years. He blamed “outside factors” for the falling rouble but admitted Russia’s Central Bank could have acted sooner. Mr Putin confirmed that the currency reserves were sufficient to keep the economy stable. He warned the central bank not to “burn” its $419bn reserves.
He said: “I don’t believe you can call it a crisis, you can call it what you like,” If the economic problems continues, the government will have to “reduce social spending and future growth”, he said. He added: “Our economy will get out of this crisis. How long? Maybe two years, but after that, growth is inevitable.”