The worsening of the financial, budget, and currency crisis, the acute phase of which started at the beginning of August, has had an impact on the country's socioeconomic development. Its most palpable manifestations have been the drastic drop in the exchange rate of the ruble and the rapid rise in prices, the paralysis of the payments and settlement system and the crisis of bank liquidity, the decrease in budget income and currency receipts with the significant accumulation of domestic and foreign indebtedness by the state, the accelerating decline of production and investments, reductions in exports and imports, and a decline in the real incomes and standard of living of the population. All of this has been accompanied by an undermining of the confidence of investors and the population in the state and in financial institutions.
