MOSCOW, December 9. Prime Minister Dmitry Medvedev believes that the financial situation has stabilized, but the ruble floats depending on oil prices. He declared it in interview to Federal channels.
© Alexander Astafyev/press service of the government of the Russian Federation/TASS
The speaker: the decision to float the ruble exchange rate was absolutely right
“We understand that this process cannot be infinite. but this is the course the bottom and the boundaries still needed to find. Everything stabilized, he said. – Indeed, the ruble has moved to a whole new status: he is swimming freely and it’s good, because nobody dictates how the ruble to be. But, there is nothing to hide. It is very much tied up under the oil revenues and very much tied up under the oil price”.
He noted that a year ago the mood of the authorities and representatives of the Central Bank were much more alarming than it is now. In his opinion, this contributes to the transition to the floating exchange rate of the national currency. “once dictate is already “inflated rate” and the “inflated rate” at any time to collapse, the Prime Minister said. – And in Soviet period such was, and in the post-Soviet period”.
Medvedev added that the quotes of the ruble slumped forward recently because of oil prices. “It is unlikely that if will be some rebound in oil prices, these quotations will remain at the current level. Though forecasts – business not grateful,” he expressed his opinion. noting that people already have adapted to the constant volatility in the oil market.
Medvedev recalled that in the macroeconomic forecast and the budget for the next year it was decided to lay the average rate to 63 rubles per dollar. “In all likelihood, somewhere within these boundaries, the ruble will keep”, – expressed the hope the Prime Minister.
On the structure of budget revenues
Structure of fiscal revenues is changing for the better, the share of oil revenues is reduced, this trend should consolidate, Medvedev said.
“We now have oil revenues of 44 percent in total budget revenue. But it was significantly more. We’ve had them and 50 and 60 and 70 percent. That is, the structure of budget revenues is changing, becoming more favorable. We need these trends to consolidate,” said Medvedev.
He added that the budget revenues will depend on several reasons – “and how is the situation on the external market, including oil and our own abilities to change.”
“A conversation with Dmitry Medvedev”. Text translation