• Siluanov said the ruble is overvalued by 10 percent

  • The ruble to the dollar must be lower than the current 10-12 percent. This gives the Finance Ministry the opportunity to increase the purchase of foreign currency in excess of those operations conducted to replenish the Reserve Fund. On Monday, March 20, said Finance Minister Anton Siluanov, reports RIA Novosti.

    "We have already bought 500 [million dollars] and now we see that the exchange rate strengthened again, and as we realize that the fundamental values of the rate deviated by 10-12 per cent, it now makes sense to buy foreign currency to meet their current obligations," he said.

    According to him, to the end of the year there is the opportunity to buy at least one billion dollars. "But not the fact that we're gonna use it," — said Siluanov. The Minister added that we are talking about purchases of foreign currency in excess of the funds that the Treasury directs the Reserve Fund.

    Also Siluanov said that the Finance Ministry has improved the forecast of growth of Russia's GDP in 2017 from 0.6 percent to 1.5-2 percent. "Initially, we had 0.6 percent for the current year. Our estimates are close to the positions taken by the Minister of economy (head of the Ministry Maxim Oreshkin — approx. "Of the tape.ru") — from half to two percent," — said Siluanov.

    At the end of January the Ministry of Finance called the exchange rate is overvalued and offered to devalue the national currency by 10 percent.

    To reduce dependence of the Russian budget from fluctuations in oil prices, the Finance Ministry and the Bank of Russia carried out foreign exchange intervention. They buy foreign currency at the amount which is determined as the difference of the evaluation of oil and gas revenues of the Federal budget. So, from 7 March to 6 April will be spent 70.5 billion rubles for the purchase of foreign currency on the domestic market.


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