ST. PETERSBURG, June 5 (RIA Novosti) - President Dmitry Medvedev told Russia's main economic forum on Friday that the current global financial crisis has yet to reach its lowest point.
"The leading financial markets have shown signs of recovery, prompting some analysts to conclude that the crisis has hit its bottom, its most difficult phase is coming to an end, and recovery is in the offing," Medvedev said in opening remarks to the St. Petersburg International Economic Forum attended by foreign and Russian business leaders and government officials.
"In my opinion, it is too early to open the champagne," with the world economy still in the middle of a recession, he said.
He urged for lower credit rates in Russia following the Central Bank's decision on Thursday to further cut the refinancing rate by 0.5 percentage points to 11.5% per year from June 5, following a slowdown in consumer price growth.
"Yesterday's cut by the Central Bank, the third one this year, gives hope that a reduction in lending rates will follow," the president said, adding that cheap loans are what industries need as the main consumers on the financial market.
