Russian government to add liquidity to markets if necessary

Russian financial authorities are ready to offer necessary liquidity to the wobbling markets, Prime Minister Vladimir Putin said on Tuesday.

“If it is necessary, we’ll add the needed amount of liquidity through different channels, both the Central Bank and the Finance Ministry,” he told reporters. “We in Russia deem it necessary to monitor liquidity closely. The Finance Ministry and the Central Bank are monitoring the situation.”

Russian stocks lost nearly eight percent on Monday and continued dropping on Tuesday, while the national currency lost nearly a ruble against the dollar and the euro as local markets are reeling from fears of renewed stagnation in the United States following a historic decision by Standard Poor’s to cut the country’s financial rating.

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