Ruble falls to record low against dollar

The fall in oil prices is pushing the Russian currency to a record low against the dollar. Economic forecasts for the country are also lowered.

On Wednesday, the dollar was more than 80 rubles and the euro was 88.14 rubles, the highest level since December 2014. True, at that time one had to pay 100 rubles for the euro. The main reason is the rapid decline in oil prices, and for Russia the sale of oil and gas is by far the main source of income.

In 1998, Russia had a serious financial crisis, then the lowest level for the ruble was in December 2014. At that time, panic-stricken investors were selling everything, but the rate recovered sharply and quickly.

The International Monetary Fund lowered its forecast for economic growth in Russia. He now expects gross domestic product to contract by one percent this year, after falling nearly four percent in 2015.

Russian President Vladimir Putin told entrepreneurs on Wednesday that "all industries" will face difficult times. Former Soviet leader Mikhail Gorbachev criticized the government for the lack of "any program and plan" to get out of the crisis. "Everything that was said was supposed to calm us down ... but the country is in dire straits." Although it can be said about Gorbachev that he could not make the Soviet Union a prosperous country, but only contributed to its destruction.