Russian PM holds one more meeting, says ruble undervalued

MOSCOW, Dec 17 (PRIME) -- The Russian ruble, which has fallen 100% in the last few weeks, is undervalued due to falling oil prices and Western sanctions, Prime Minister Dmitry Medvedev, who is chairing one more ruble protection meeting on Wednesday, this time with exporting companies, said.

“Of course, the ruble cannot but react to this but the figures which we have seen in currency exchange offices over the last few days do not comply with the real situation and they have significantly exceeded the range comfortable for the economy and for people,” he said.

On Tuesday, Medvedev held a meeting with the central bank, the Economic Development and the Finance ministries to find solutions to stop the ruble dive. The government will increase supply of foreign liquidity and will mop up some ruble liquidity to reshape the demand for hard currency, the prime minister said.

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