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Ulyukayev: rouble exchange rate of 55 roubles per $1 will stay for short-term period

June 21, 2015, 23:53 UTC+3 MOSCOW
The year-average oil price, according to the ministry’s forecasts, will be slightly over 60 U.S. dollars per barrel to later go up to 70-75 U.S. dollars, Russian economics minister said
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MOSCOW, June 21. /TASS/. The rouble exchange rate of 55 roubles per one U.S. dollar will stay in place for the short-term perspective, Russian Minister of Economic Development Alexei Ulyukayev said on Sunday.

"As for the exchange rate, it is close to its fundamental level stemming from the state of the balance of payments," he said in an interview with the NTV television channel. "We can forecast that the exchange rate of 55 roubles will stay in place in the short-term perspective."

The year-average oil price, according to the ministry’s forecasts, will be slightly over 60 U.S. dollars per barrel to later go up to 70-75 U.S. dollars. "The oil market has attained certain stability," the minister said.

He said inflation in 2015 was expected to be less that in 2014, when it was 11.4% "It looks like this year is going to be better than we thought. This year inflation will be less than in 2014. This year it will be between ten and eleven percent," Ulyukayev said.

Touching upon impacts of sanctions on the Russian economy, he said the economy had proved its high adaptability to negative external conditions.

"I think the period of adaptation to the sanction regime is over. We are developing interesting investment projects linked with import substitution, with export support. I think the economy has adapted to the new conditions. Starting from the next year, I believe, we will have a positive dynamics of economic growth of about 2-2.5%," he said.

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