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Replenishment of Reserve Fund after 2018 to impact monetary policy — Finance Minister

July 02, 2015, 20:15 UTC+3 MOSCOW
The creation of reserves and the use of surplus oil and gas revenues in reserves is a macroeconomic component which won’t let the ruble rate strengthen, the minister explains
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© Sergey Konkov/TASS

MOSCOW, July 2. /TASS/. The replenishment of Russia’s Reserve Fund after 2018 will have an impact on the national monetary policy and prevent the ruble’s excessive strengthening, Finance Minister Anton Siluanov told reporters on Thursday.

He added it will also have a positive impact on competiveness of national products.

"When we speak about the Reserve Fund replenishment, this implies not only reserve formation but also a macroeconomic effect of the surplus of currencies the government buys in order to ameliorate the exchage rate and its policy," the minister said.

He said before 2014 the ruble kept on strengthening which had a negative effect on competitiveness of Russian products.

"That is why the creation of reserves and the use of surplus oil and gas revenues in reserves is a macroeconomic component which won’t let the [ruble] rate strengthen," he said.

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