The economic development Ministry does not expect major fluctuations of the ruble before the end of the year

© RIA Novosti / Vladimir Traveloperator in fotoracconti Russia. Archival photoThe economic development Ministry does not expect major fluctuations of the ruble before the end of the year© RIA Novosti / Vladimir Traveloperator the image Bank

The Ministry of economic development does not expect major fluctuations of the ruble before the end of the year, said the head of the Ministry Maxim Oreshkin.

«When in April we had forecast, we have pledged that if the cost of oil 40 dollars for barrel we have the rate will be by year-end 68 rubles to the dollar and 72 rubles for Euro. Given the fact that oil prices are now above the levels incorporated in the forecast, and given the fact that the dollar is very weak compared to other leading currencies over the past few months,… those quotes that we see in the currency market now is 60 rubles per dollar and 68 rubles per Euro — they correspond to the forecast that we did at the beginning of the year,» said Oreshkin, speaking at a government meeting on Thursday.

«We do not expect any serious fluctuations in the near future, although overall the rate will remain more or less stable,» he added.

In accordance with the basic forecast of Ministry of economic development expects the average annual exchange rate of the dollar at the end of 2017 at the level of 64.4 rubles per dollar in 2018 69,8 rubles to the dollar, in 2019 and 2020 — and 71,2 72,7 rubles per dollar.

Thus, according to Oreshkin, the persistence of high oil prices, which are now on the market, may be the reason for the revision of the forecast in August. «But again, this revision will not wear a fundamentally character,» the Minister added.

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