Today, the ruble has reached its payment balance and stabilized, and therefore today there is no reasons for its high volatility, Russian Finance Minister Anton Siluanov said in an interview with NTV.
‘‘No drastic changes to one of the peaks, either in one hand, nor in the other are expected now. Now the ruble’s exchange rate corresponds to the current balance of payments,’’ RBC reports.
According to the minister, oil quotations are experiencing a temporary decline and structural change. "The situation with the prices of raw materials is more just a structural change, so we don’t expect any rebound, as happened in 2008-2009," Siluanov said.
In this regard, he assured that the government is working now on a plan of action in the crisis situation. "It is impossible just to overcome and say: ‘‘Well, today is difficult today, but tomorrow will be better.’’ We need to have a clear action plan. The plan is being worked out now," the head of the Ministry of Finance said.
Prior to that, speaking at the Gaidar Forum in Moscow, he stated about the beginning of the budget optimization. The minister called it a necessity because otherwise a repeat of the crisis of 1998 may take place again, when "the population paid for it.’’ Speaking of low oil prices, Siluanov expressed the opinion that the public sector has not adapted to them completely yet.
According to him, at the same time the private sector has already adapted to $40 per barrel, the federal budget is balanced only at the price of $82 per barrel, although the expected recovery of oil prices is not necessary in his opinion.
Recall that last Friday the price of Brent oil was below $29 a barrel, reaching $28.95 for the first time since 2004. In connection with the situation the dollar rose above 77 rubles, and the euro was above 84 rubles. However, later oil prices increased a little bit, overcoming the mark of $29 a barrel. At the close of final trading this week at the Moscow Stock Exchange the dollar and the euro exchange rates were worth 77.6 and 84.68 rubles respectively.
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