Russian budget adjusts oil price swings

Dhaka,  Thu,  24 August 2017
Published : 12 Jun 2017, 13:18:53

Russian budget adjusts oil price swings

FE Online Report

Russian budget deficit, calculated without oil and gas revenues, has fallen.

Finance Minister Anton Siluanov claims that the budget has adjusted to oil price swings. 

The non-energy fiscal deficit has dropped, while the ruble has gained over 11 per cent year-on-year, according to Russian Times.

All these proved the resilience of the economy to low crude prices.

“This shows the stability of our budget to various changes in the external economic environment," Siluanov says.

This indicator, he says, would decrease by 0.6 percentage points to 8.4 per cent of the Gross Domestic Product (GDP) this year, adding, "This is the lowest figure for the last nine years.”

The Russian ruble remains one of the best-performing currencies over the last 52 weeks, gaining over 11 per cent in a year. 

 “The non-energy budget deficit should fall to at least six per cent of GDP in the future,” the finance minister says.
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