The Ministry of Finance promised not to influence the exchange rate in case of shortfall in budget revenues
The Ministry of Finance does not plan to influence the ruble exchange rate in the event of a shortfall in federal budget revenues, said Finance Minister Anton Siluanov.
He stressed that the government does not have a goal to replenish the budget at the expense of exchange rates. Siluanov explained that if the Russian currency strengthens, the budget will receive less funds.
“Today our rate is 97, in the budget it’s about 90. It will be from 86 or 80, respectively, yes, we will receive less money in the budget, but this does not mean that we will try in every possible way to influence the value of this rate.” , Siluanov said during a meeting of the State Duma Committee on Budget and Taxes.
Siluanov added that the ministry adheres to two principles. “Therefore, the main principle is a floating exchange rate. The second principle is that we are in no way trying to influence the formation of exchange rates through the budget,” he explained.
On October 13, at a press conference following an official visit to Bishkek, Russian President Vladimir Putin stated, that for the Russian federal budget the ruble exchange rate is needed “a little bit lower.” The dollar exchange rate against the ruble, the president emphasized, is not associated with any problems in the economy.
According to the forecast of socio-economic development for 2024 and the planning period of 2025 and 2026, by the end of 2023 the ruble will strengthen at around 94 rubles/$, in 2024–2026. – at the level of 90-92 rubles/$. It is expected that inflation growth will slow down to 4.5% by the end of 2024, and reach 4% in 2025.
