The Ministry of Economic Development lowered the ruble exchange rate forecast for 2019

The Ministry of Economic Development has revised downward the forecast for the ruble exchange rate for the next five years, Interfax reports, citing the head of the department, Maxim Oreshkin.

According to the new forecast, in 2019 an average annual exchange rate of 65.4 rubles per dollar is expected. Earlier, the ministry predicted the exchange rate at the level of 65.1 rubles per dollar.

The forecast for the average annual exchange rate of the ruble in 2020-2024 has also been lowered. The Ministry of Economic Development expects that in 2020 the exchange rate will be 65.7 rubles per dollar, and in 2024 - 68.6 rubles.

The Ministry of Economic Development also revised the inflation forecast for 2019 from 4.3% to 3.8%. The forecast for the average annual price of Urals oil in 2019 has been reduced from $63.4 to $62.2 per barrel.

Maxim Oreshkin also said that in 2021 the Russian economy could enter a recession and decline by 0.6% if the current pace of consumer lending growth continues. The minister called this scenario unlikely.

• In 2018, the ruble depreciated sharply several times, mainly due to new sanctions against Russia. Over the previous year, the dollar has risen in price by 20.6% .