Bloomberg: MED is planning to include a stable ruble exchange rate into a three-year budget
According to Bloomberg, which is citing two sources in the government, the Ministry of Economic Development is going to include a stable ruble exchange rate into a three-year budget of the Russian Federation in the near future. The Ministry of Economic Development expects the rate within 64- 65 rubles per dollar in the years of 2017-2019 in the event that the price of raw materials will remain at around $ 40 per barrel. The Department expresses the expectations of the ruble weakening to 67-68 rubles per dollar. The Ministry also predicts that the ruble will have strengthened within 62-63 rubles per dollar by the beginning of 2019.
The international rating agency Fitch earlier made a forecast that the ruble position would strengthen to 60 rubles per dollar at the beginning of 2018. Senior Director at Fitch Ratings stated: “We have a forecast (for oil prices) that Brent crude oil will be $ 45 per barrel next year; and we think that the ruble will be somewhere within 60 per dollar by 2018.“
The forecast of the Ministry of Economic Development was published in April. It reported that the dollar would cost 67-68 rubles in 2016, and by 2019 the Russian Federation currency may strengthen to 62-63 rubles per dollar “taking into account the rise in oil prices and predicted parameters of the balance of payments“.