Russia’s St. Petersburg International Economic Forum (SPIEF), broadly seen as an alternative choice to the annual World Economic Forum in Davos, centered this yr on the challenges of excessive rates of interest and a powerful nationwide foreign money.
The twenty eighth version of SPIEF introduced collectively senior officers and firm representatives from 144 international locations to debate international and regional financial points.
A complete of 1,060 offers have been signed on the occasion, with an estimated worth of round $80 billion.
Bahrain was the discussion board’s visitor nation, and notable attendees included Indonesian President Prabowo Subianto, South African Deputy President Paul Mashatile, Chinese Vice Premier Ding Xuexiang, and Bahraini National Security Adviser Prince Nasser bin Hamad Al Khalifa.
Russian officers additionally famous a rise within the variety of US representatives attending this yr’s discussion board in comparison with earlier editions.
Statements from prime Russian financial officers stirred controversy, particularly as Economic Development Minister Maxim Reshetnikov warned that the Russian financial system is “on the verge of recession.”
He stated inflation should be curbed however warned in opposition to insurance policies that would excessively cool financial exercise.
Bank of Russia Governor Elvira Nabiullina stated inflation was easing extra rapidly than anticipated and that the central financial institution is planning to chop rates of interest.
Russian President Vladimir Putin emphasised the necessity for financial measures taken in opposition to worth hikes to make sure a easy transition from overheating within the financial system to extra balanced progress and acknowledged that on no account ought to financial stagnation or a recession in Russia be allowed.
Russia’s financial system is forecast to develop simply 2.3% this yr, down from 4.3% final yr and under the federal government’s 3% goal.
– ‘FAIR VALUE’ OF RUBLE
Forum contributors additionally addressed the efficiency of the Russian ruble, which has been robust in opposition to different currencies this yr.
Sberbank CEO German Gref stated the present US greenback/Russian ruble trade charge of 78-79 is unstable and ought to be not less than 100.
First Deputy Prime Minister Denis Manturov echoed the priority, noting that Russian exporters are struggling as a result of robust ruble.
Andrey Gangan, director of the Bank of Russia’s Monetary Policy Department, acknowledged that the Russian ruble displays the state of the financial system, emphasizing that there’s a movement of capital into ruble-denominated belongings as excessive rates of interest limit demand, together with that of imports.
The Russian ruble has gained practically 30% in opposition to the US greenback for the reason that starting of the yr.
– SANCTIONS AND THEIR GLOBAL COST
During his handle on the discussion board, Putin acknowledged that international locations searching for to have an effect on the Russian financial system through sanctions are solely harming themselves.
“Efforts to harm us (with sanctions), including through the shadow fleet, will ultimately affect global oil prices, thereby affecting the very countries that seek to affect us,” he stated.
Special Envoy Kiril Dmitriev stated in an interview with Russian TASS company that Europe has misplaced greater than 1 trillion euros ($1.1 trillion) from not accessing Russian gasoline.
Source: www.anews.com.tr