Oreshkin has commented on the decline in oil prices

© RIA Novosti / Sergey Goneeverything in fotomancer economic development of the Russian Federation Maxim Oreshkin. Archival photoOreshkin has commented on the decline in oil prices© RIA Novosti / Sergey Goneeverything the image Bank

Despite a sharp decline in oil prices in recent years, the balance of payments of the Russian Federation is in a stable condition, said the Minister of economic development of Russia Maxim Oreshkin.

«Despite a sharp decline in oil prices in the last three years, the balance of payments we have, in General, is in stable condition, is actively replenished capital to the Russian market, this year we have seen several periods of active flows to the public sector, the market of OFZ, all this suggests that foreign investors believe in the Russian economy,» said Oreshkin, speaking at a conference of regional managers of the Bank in the Corporate University of Sberbank.

«So here to expect any serious fluctuations in the coming years is not necessary», — he added.

«All macroeconomic policy is built to be ready for external shocks, this policy of inflation targeting, the Bank of Russia’s floating exchange rate, this Federal budget that is now submitted to the government and at the end of the month will be submitted to the State Duma, is constructed in such a way as to be ready to lower prices of oil to 40 dollars a barrel or even lower,» said Oreshkin.