08 June 2016, 13:04 / Economics

Siluanov: The authorities are not interested in strengthening the ruble

The authorities are not interested in strengthening the ruble, Russian Finance Minister Anton Siluanov told reporters. “Now there is no strict direct relationship between oil and the ruble exchange rate. The rate is influenced by a lot of things, including the decisions of the US Federal Reserve System, which is expected to raise rates, so we will watch. We are also not interested in strengthening the course,” the minister said.

Siluanov recalled that neither the Ministry of Finance nor the Bank of Russia has a corridor for maintaining the ruble exchange rate: the most important thing is to avoid excessive volatility and the equilibrium state of the balance of payments. To achieve this, according to the official, it is necessary to pursue a strict budget policy.

Siluanov has repeatedly spoken out against a strong ruble, considering it unfavorable for the economy. However, a recent survey of Russian companies, including exporters, showed that business does not agree with the minister: it needs a strong ruble exchange rate to modernize production. The ruble exchange rate does not affect the economic activities of only 7% of companies, as follows from a survey of 263 subjects. Of the rest, 69% of the surveyed companies are interested in strengthening the ruble, a third of them are exporters (33%), and 31% are interested in weakening the ruble (22% are exporters).

Previously on the topic: Russian business spoke out for a strong ruble Previously on the topic: Brent oil quotes exceeded $52 Previously on the topic: Oil will bring Russia into the black already in 2016, the Minister of Economic Development believes