Credit rating agency, Moody’s, has downgraded its score for the Moscow Bank for Reconstruction and Development (MBRD) to a B2, from B1.

As stocks and oil prices fell at the beginning of the week, the rouble retreated 2% versus the euro-dollar basket over just two days, but this isn’t enough to worry the Central Bank.

Russian Deputy Finance Minister, Tatyana Nesterenko, has announced that the country’s budget deficit could reach 10% of GDP.

In March 2009, Russian wage arrears rose a further 8.3% to reach a three-year high, according to the Federal Statistics Service.

Russian Prime Minister, Vladimir Putin, has announced that the level of investment into transport in Russia over 2009 will grow despite the economic slump.

On Monday 6 April, the Russian rouble reached a nine-week high as Urals crude oil prices peaked at US$51.48 per barrel, which is its highest price since November 2008.

Avtovaz, the Russian car manufacturer that makes the infamous Lada brand vehicles has been bailed out with a 20 billion rouble rescue package from Prime Minister Vladimir Putin.