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Finance Minister: Size of Russia’s budget pie getting smaller

September 30, 17:52 UTC+3 SOCHI
Russia is ready to borrow foreign loans in yuan next year, the minister says
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Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

© Alexander Ryumin/TASS Host Photo Agency

SOCHI, September 30. /TASS/. The size of Russia’s budget pie has been getting smaller, and this kind of policy is most appropriate for the current period, Finance Minister Anton Siluanov said at the Sochi-2016 Forum.

"Indeed, the "pie" has become smaller. Everyone understands it, because we are now set for an improvement of its quality," the Minister said.

"It (the budget policy) is not increasing and is not aimed at isolation (of Russia) but it is appropriate for this period," he added.

Russia ready to borrow in yuan

The minister said Russia is ready to borrow foreign loans in yuan next year depending on technical readiness and market situation.

Small loans in yuan can be borrowed "as an experiment," Siluanov said. "We would like to attract resources of Chinese domestic investors investing currently into Chinese market instruments and invite investors from that market," the minister added.

Russia’s 2019 budget

The minister went on to say that Russia’s budget for 2019 will be based on average annual ruble’s exchange rate of 71.1 rubles per 1 dollar.

"The average annual exchange rate of the ruble for 2019 budget is 71.1 rubles per 1 dollar," he said.

"67.5 rubles per 1 dollar is for 2017 and 68.7 rubles per 1 dollar is for 2018," he added.

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