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Construction of New Moscow Tube was Put Off due to High Dollar Exchange Rate

Local authorities and constructors cannot agree on what currency should be used for payment.

13.Nov.14 4:14 PM
By Svetlana Siuhina


Construction of New Moscow Tube was Put Off due to High Dollar Exchange Rate
Local authorities have put off the construction of tube in New Moscow. This was inevitable measure due to increasing dollar exchange rate. The information has been provided by “Interfax”.

The government has planned to make all payments in accordance with ruble equivalent. On the other hand Chinese constructors are eager to be paid in accordance with dollar exchange rate. That is why both parties can’t still find the agreement. The project will be reviewed one more time. The total cost of the project was expected to be 60 billion rubles which is 2 billion dollars in accordance with exchange rate in May 2014.

“We provided our partners with all necessary documentation, tracing and price agreements. The total price of the project has been determined. It is 2 billion dollars. However the situation with the exchange rate is changing rapidly. That is why we decided to put off construction works”, - said Minister of Moscow Urban Policy and Development Marat Husnullin.

Earlier we have already informed you that Central Bank decided to establish limits on providing liquidity of ruble with the help of special operation called “currency swap”. This made it possible to decrease dollar and euro exchange rate a bit.

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