MOSCOW, December 19 (Sputnik) – Russia will not descend into a financial crisis similar to the one observed in 1998, Bank of Japan (BOJ) Governor Haruhiko Kuroda said Friday.
"I don't think there will be a repeat of 1998's crisis," The Wall Street Journal cited Kuroda as saying.
Speaking at a press conference following a two-day BOJ policy meeting, Kuroda said that a sharp drop in oil prices could damage Russia's economy, but he has not heard about Russian oil and gas companies being on the verge of default because of debt.
On December 15, dubbed "black Monday", the ruble nosedived by over 20 percent, the worst collapse of the ruble since the 1998 Russian financial crisis.
Following the Central Bank's measures, on Tuesday Russian ruble saw another major slump but strengthened its position against US dollar by the evening. As of Friday, the ruble is gaining strength against the dollar.
A number of senior Russian officials say another reason for the economic downturn is Western sanctions imposed against Moscow over its alleged involvement in the Ukrainian crisis.
On Thursday, Russian President Vladimir Putin said during a televised news conference that the country's economy would eventually recover from the downturn over the next few years. The Russian leader suggested that the situation may begin to improve in the first quarter of 2015.