The Russian Finance Minister Anton Siluanov promised to keep the low ruble exchange rate in case of increase in oil prices due to the new budget rules.
“We have prepared a gift in honor of my birthday — a new version of the budget rule, under which we will withdraw all the additional revenue that must obtain if it will be high oil prices, into the Reserve Fund,” — said Siluanov, speaking Tuesday at a forum of Exchange (quoted by RBC).
According to him, it “will not allow the ruble and the negative impact of changes in oil prices on the growth prospects of the economy, inflation, interest rates, etc.”.
“This increase of price, raw materials — we do not need”, — said the Minister, noting that because of this reduced competitiveness of Russian industries, and the structure and quality of growth this worsens.
Assessment Siluanov, all additional revenues to the budget from oil prices above $ 50 per barrel, should be sent to the reserves.
“The most important factor influencing economic growth now, is, of course, oil prices. The increase in oil prices by 10 dollars per barrel give 0.8–0.9 percent economic growth. But do we need such growth, which is not as high quality? The quality is poor in this growth, it with one hand. On the other hand, we again come to the lack of sustainable growth, but we need sustainable growth from year to year, and a rise in oil prices gives only a one-jump”, — said the head of the Ministry of Finance of the Russian Federation.
He noted that the country needs in particular investment growth. According to him, investors put money only when “the return on investment exceeds the risk.
“Let’s see what happened in 2015: there has been a growth of profit and profitability of our industries at the expense of rate changes. But where does this profit go? In dividends and not in new projects, investments, and payments to the members and shareholders of the companies”, he continued.
We will remind that on 24 March the Minister of Finance of the Russian Federation Anton Siluanov during the Congress of the Russian Union of Industrialists and entrepreneurs stated that the Russian economy is finally beginning to heal from the “Dutch disease”.
“The profit of economic entities increased by 53%. Breathing the industries that in recent years, the years of high oil prices — was at a standstill, the so-called non-tradable sector. Our economy gets rid of the so-called Dutch situation, where we were sick all last years”,— said the Minister.
