Central Bank officials announced, on 25 March, that it would help banks affected by bad debt, if they faced losing their profits for 2009.

Despite recent positive statements from the Deputy Prime Minister, about the state of the economy, Russia’s Finance Minister and Deputy Economy Minister have been warning that the rouble is not stable, as oil prices are likely to fall again soon.

For the first time since the Central Bank highlighted 39 against a euro-dollar basket as the boundary for currency fluctuations, the rouble has strengthened beyond this level. It reached 38.92 per basket, gaining 1% on 19 March 2009.

Wage arrears in Russia have exceeded eight billion roubles (US$230 million) for the first time in three years after rising 16% in February alone.

Sergei Ignatyev, the chief of the Central Bank, spoke out on Thursday 12 March against the introduction of currency controls, echoing Prime Minister Putin’s public opposition to controls.

In response to assurances from the Russian Central Bank and an increase in oil prices, the Russian rouble has reached a three-week high of 39.25 per basket of euros and dollars.

In a further bid to stave off the deepening financial crisis, in its revised budget, the Russian government has pledged to inject 2 trillion roubles into the banking system and into social programmes.

Consultants at PricewaterhouseCoopers (PwC) have revealed that they expect the level of subordinate loans in Russia to spike in 2009.