Russia plans to devalue ruble by 10%

Baku. 31 January. REPORT.AZ/ Russian Ministry of Finance proposes to devalue ruble by about 10 percent.

Report informs citing the newspaper Kommersant, Reuters posted.

The ministry has made calculations on the basic parameters of the budget with regard to the adoption of the proposed fiscal rule. It implies that if oil and gas revenues will be higher than estimated at the average annual oil price of $ 40 per barrel, "surplus" will go to the Reserve Fund and the National Welfare Fund. The Ministry of Finance assumes that the transfer of additional funds in the reserves will not only create a "airbag", but also will prevent the excessive strengthening of the ruble. According to new calculations of Ministry of Finance, average exchange rate shall be 69.42 rubles per dollar, the federal budget deficit - 3.1 percent of GDP. Spending of reserves will be amounted to 1.8 trillion rubles.

With the current oil price of 55 USD per barrel, the budget deficit without the use of fiscal rules will amount a half per cent of GDP, while spending of reserve funds - 464 bln rubles. The agency believes that without the application of budgetary rules and without devaluation of the ruble budget is balanced at oil price of 76 USD per barrel. However, if the weakening of the national currency will be manageable, zero deficit can be achieved at the price of about 61 USD.