Siluanov advised Russians to keep their savings in rubles

© RIA Novosti / Vladimir Traveloperator in fotoracconti Russia. Archival photoSiluanov advised Russians to keep their savings in rubles© RIA Novosti / Vladimir Traveloperator the image Bank

Finance Minister Anton Siluanov advised Russians to keep their savings in national currency and invest in ruble-denominated financial instruments.

«Most of our citizens spends in rubles. We have a very profitable ruble-denominated instruments and deposits in reputable banks, and Federal loan bonds issued by the Ministry of Finance. Therefore, it is necessary to keep in safe instruments denominated instruments give the highest return today. I think that the best option is, of course, our ruble, our national currency», — said Siluanov in interview to TV channel «Russia 1».

The Finance Minister also noted that the national currency will be stable and «reason to change the exchange rate currently is not.»

The «budget rule next year will operate more efficiently, with greater effect, to ensure the stability of the rouble, given possible fluctuations in oil prices and possible changes in the flow of capital,» — added Siluanov.

To minimize the impact of volatility of oil prices on the ruble, the Ministry of Finance of the Russian Federation in 2017, came up with a new tool: since February he buys a currency on the domestic market, aiming at this purpose additional oil and gas revenues that come into the Treasury, if the price of oil is higher than the budgeted $ 40 per barrel.

Currency purchases next year will continue, but according to the new formula: the calculations of the Ministry, when the average oil price of $ 54-55 per barrel, the volume of purchases will amount to 2 trillion rubles, and at 60 dollars per barrel, 2.8 trillion rubles.