The Russian government sought to reassure the public that the country’s currency crisis was over, but warned of economic hardship ahead.
Finance minister Anton Siluanov said extreme signs of a liquidity squeeze due to the collapse of the rouble had already receded and the currency had “found its equilibrium”.
However, Moscow expects inflation to spike higher. Andrei Belousov, economic adviser to President Vladimir Putin, said consumer price inflation, which stood at 10.4 per cent as of Wednesday, was likely to hit 11 per cent for all of 2014, while the finance ministry predicted CPI to reach as high as 11.5 per cent for the full year.
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