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Monday, October 24, 2016

Siluanov told why the government does not need a strong ruble

The Ministry of Finance will withdraw the additional profits if the price of oil will be over $ 50, and will send funds in a reserve. Measures related to the avoidance of a sharp increase in the rate of the national currency.

photo: Mikhail Kovalev

Anton Siluanov

The corresponding statement the Minister made on Wednesday. According to him, now there is no strict direct relationship between oil and the ruble exchange rate, RIA Novosti reported.

“The course is also affects a lot of things, including the decision of the Federal reserve, which is expected to raise rates,” he said.

According to Siluanova, the Cabinet of Ministers is not interested in the strengthening of the ruble, as in medium-term plans there is an understanding that for the “preparation of new budget rules in the case of higher oil prices, will need to send additional profits to the reserves. The Minister added that it is impossible to prevent a sharp growth of the national currency, as it was before.

The Siluanov said that neither his Department nor the Central Bank, there is no corridor for the ruble.

“I want to say that the most important thing is that the balance of payments is in equilibrium, so there was no hesitation, to avoid the volatility of the exchange rate,” he added. He also said that the Cabinet of Ministers intends to spend 2.1 trillion roubles from the Reserve Fund when oil prices are at $ 50.

Note that now the price of Brent crude oil is $ 52 dollars per barrel. Dollar on the Moscow stock exchange worth 64,15 of the ruble, the Euro — 72,88.

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