Negative effects of the current global events are felt in Russia only by financial market players so far, said Anton Shabanov, head of the Otkritie Broker company’s department for investment products, Federal News Agency reported.
According to Shabanov, we are currently observing only the stock market downturn, with no mass bankruptcies or labor market issues so far, the opposite of what occurred back in 2008.
As regards the ruble exchange rate, it depends on oil prices which are currently highly volatile. Yet, speaking of macroeconomics, everything seems very stable, Anton Shabanov believes.
He said that the Russian Government and the Bank of Russia are taking efforts to support the national economic development and tackle the coronavirus outbreak.
The 2008 financial crisis began with the housing market collapse in the USA. For Russia, it started with an oil price crash, which is exactly what we are observing today. In the summer of 2008, oil prices rose to a record above $140 a barrel – and by late 2008, they plummeted below $50 a barrel. Currently, oil prices have fallen below $28 a barrel.