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Russian President Dmitri Medvedev says recent events in South Ossetia have complicated the country's financial markets, but there is no economic crisis. VOA Moscow Correspondent Peter Fedynsky reports.
Russian President Dmitry Medvedev at a meeting with business leaders in the Moscow Kremlin, 15 Sept 2008
President Dmitri Medvedev told a Kremlin meeting of Russian entrepreneurs and industrialists1 that any war or political crisis inevitably2 creates economic problems and difficulties for business. He said the government will safeguard liquidity3 in the banking4 system and pledged his commitment to economic reforms.
Russia's RTS Index of leading stocks has fallen nearly 30 percent since hostilities5 broke out in Georgia on August 7 and 50 percent since June 1. The ruble is at a 13-month low, and according to Europe's BNP Paribas Bank, investors6 have pulled $35 billion out of Russia since the conflict.
Mr. Medvedev said the Russian government will do all it can to continue mutually beneficial foreign relations and to protect Russian business interests and properties abroad. He said possible foreign sanctions against his country would not work. He says sanctions will not have any catastrophic consequences for Russia, and to some extent may encourage development of the country's domestic market.
The head of the Russian Union of Entrepreneurs and Industrialists, Alexander Shokhin, told the Kremlin business meeting the Russian economy is facing a number of serious challenges. He says the stock market is falling, capital is leaving Russia, there is a serious liquidity problem in the banking system, the price of hydrocarbons7 is dropping, and inflationary pressures are increasing.
President Medvedev said the Russian government would ensure liquidity on the domestic market. He said capital flight and stock market losses highlight an extremely low-level of Russian domestic investment. He says Russian government financial entities8, private insurance companies, and pension funds are among the institutions failing to adequately invest in Russia. He says such organizations stabilize9 national economies on markets around the world, adding that Russia must work actively10 to develop their own.
A financial analyst11 with the Otkrytia Financial Corporation in Moscow, Khalil Shekhmametyev, told VOA one of the problems of raising domestic capital in Russia is that the country's elite12 appears to prefer investing abroad. He says the Russian elite is inclined to suddenly take off and land in a place like the Maldives instead of investing in the Vladimir Region near Moscow.
Russia's economic problems come at a time of global market declines. President Medvedev reassured13 his country's entrepreneurs and industrialists, saying Russian market fundamentals remain sound and that the government will not change its economic policy or priorities.
1 industrialists | |
n.工业家,实业家( industrialist的名词复数 ) | |
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2 inevitably | |
adv.不可避免地;必然发生地 | |
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3 liquidity | |
n.流动性,偿债能力,流动资产 | |
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4 banking | |
n.银行业,银行学,金融业 | |
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5 hostilities | |
n.战争;敌意(hostility的复数);敌对状态;战事 | |
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6 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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7 hydrocarbons | |
n.碳氢化合物,烃( hydrocarbon的名词复数 ) | |
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8 entities | |
实体对像; 实体,独立存在体,实际存在物( entity的名词复数 ) | |
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9 stabilize | |
vt.(使)稳定,使稳固,使稳定平衡;vi.稳定 | |
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10 actively | |
adv.积极地,勤奋地 | |
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11 analyst | |
n.分析家,化验员;心理分析学家 | |
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12 elite | |
n.精英阶层;实力集团;adj.杰出的,卓越的 | |
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13 reassured | |
adj.使消除疑虑的;使放心的v.再保证,恢复信心( reassure的过去式和过去分词) | |
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