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Fed rate hike unlikely to cause Russia problems with capital outflow - finance minister

March 18, 19:12 UTC+3

The finance minister Anton Siluanov is hopeful that Russia is well-prepared and will be benefiting from increased growth rates

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Finance Minister Anton Siluanov

Finance Minister Anton Siluanov

© Sergej Fadeichev/TASS

BADEN-BADEN, March 18. /TASS/. The US Federal Reserve’s higher interest rates will not cause Russia problems with capital outflow from the country, Finance Minister Anton Siluanov told reporters on Saturday.

"Despite the fact that American counterparts from the Federal Reserve announced higher interest rates and continuation of that policy, we cannot see any problems for Russia from the point of view of capital outflow since Russia has a strong balance of payment and rather good budget," Siluanov said.

The finance minister is hopeful that Russia is well-prepared and will be benefiting from increased growth rates. It will be provided with additional advantages in the current situation, without fearing for any volatility in capital flows.

On Wednesday, the US Federal Reserve raised interest rates by 25 basic points to a range of 0.75% to 1.00%. The Fed vowed two more rate hikes are to be expected in 2017.

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