Storchak: the ruble demonstrates structural problems in the economy

Storchak: the ruble demonstrates structural problems in the economy


Russia needs to reduce the dependence of budget revenues from oil and gas, when the diversification of the economy will be carried out, the situation is normalized, said Deputy Finance Minister Sergei Storchak.

MOSCOW, 22 Jan. The ruble exchange rate shows the depth of structural problems in the Russian economy, told reporters Deputy Finance Minister Sergei Storchak.

“Recent experience only shows one thing: the ruble shows us exactly the depth of the structural problems. The main is prohibitive role in the financial wellbeing of the state’s oil and gas,” he said.

On Thursday, the dollar jumped more than 5 rubles — almost to 86 rubles per dollar, and the Euro overcame the next high from December 2014 to 93 rubles. The ruble Wednesday and Thursday under pressure from oil prices lost to the reserve currencies of approximately 9% since the beginning of the year – about 14%.

“Today, rollback, ruble strengthened today. Bare rose oil, rose anything, and the ruble showed a growth quite significant,” said the Deputy Minister. In his words, “for those of you who really makes a business, is important, not the absolute (numbers) and trends, stability”. “And here we have trouble with stability,” — said Storchak.

At the Duma plenary session on Friday the Deputy Minister, answering questions of deputies, said: “our Main task, of course, to work on structural reforms, and to reduce the dependence of budget revenues from oil and gas. Once this problem is solved, the problem of diversification of the economy, I think the situation will normalize, and we get the equilibrium value of the ruble.”