Quick return to high oil prices is not expected. This was during the International financial Congress in St. Petersburg June 30, said Chairman of the Bank of Russia Elvira Nabiullina, reports the correspondent.<url>.
“The Russian economy must learn to live in conditions of low oil and gas prices. And we should abandon the habit to associate optimistic target predictions with the rising price of oil,” — said the head of the regulator.
Nabiullina called for the introduction of the budget rule under which the surplus funds from the sale of oil at a certain price went to the reserves. The cut-off price would be 50 dollars per barrel, but this figure can be discussed, she said. The fiscal rule would reduce the economy’s dependence on fluctuations in oil prices, said the head of the Central Bank.
April 12, Russia’s Finance Minister Anton Siluanov promised to maintain the low exchange rate in the case of rising oil prices. According to him, the government prepared a new version of the budget rules, under which all additional income will be withdrawn to the reserve Fund if oil is expensive.
