Russia’s economy minister says no long-term factors for ruble’s weakening
Exchange rate to weaken to 80 rubles per dollar.
Moscow - TASS
Russia’s Economic Development Ministry sees no long-term factors for devaluation of the national currency, Minister Maksim Oreshkin said on Thursday.
"We’ve revised the outlook that was prepared in June. The exchange rate outlook until 2020 and further on has remained almost unchanged, which means we see not a single long-term factor for a serious devaluation of the ruble," the minister said when asked whether he expects the ruble’s exchange rate to weaken to 80 rubles per dollar.
Meanwhile, Oreshkin noted that the capital outflow from Russia is going to be higher over the next 12 months than the ministry expected earlier, though its long-term estimates are left unchanged thanks to the budget rule that ensures economic stability irrespective of oil prices, and the Central Bank’s inflation targeting policy and efforts to keep inflation at a low level.
"This allows forecasting a precise long-term dynamic pattern," Oreshkin added.
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