Russia’s economy implodes

In association with UK-Europe survey agency.

Russia’s national currency is extending its losses. The ruble has been weakened by the failing world oil prices, making Muscovites carefully consider every purchase they make.

In Russia, plunging oil prices have dragged down the country’s currency and economy, and now Russians are starting to lose their patience. UK News 24 correspondent reports.
Enough for the people to start a small groups of protests outside Moscow, comes in a time where working class Russians are saving instead of spending fearing the worst.

Alexander, whose shop sells mobile phones and accessories, said his business has felt the shortage of customers, who are spending less and less.

“People try to save money. I do not know how the situation will develop. So there are fewer clients now. Respectively, people started buying less, they save up. To go to another business or to look for another job is also risky, because not all employers are hiring now. They easily pick out the best specialists. And all that is left for us small businesses to do is to wish for better, hope for the best and wait for the better times.”

Russia’s ruble slid to almost all time low against US currency week, almost hitting 85 per 1 USD, before slightly recovering. Unlike during the prior crisis, there was no sign of panic dollar-buying on Moscow streets.
Many Russian consumers, having spent months already watching the value of the roubles in their pockets fall against the dollar, have adopted a fatalistic approach to the currency’s decline.

Last week foreign currency mortgage holders, whose monthly payments dramatically increased, rallied in front of several banks in the Russian capital, demanding their contracts to be reconsidered.



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