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Economic Development Ministry improves forecast for ruble exchange rate, oil price in 2017

September 15, 19:55 UTC+3 KALININGRAD

The ministry slightly increased the price of oil to about $50 per barrel

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KALININGRAD, September 15. /TASS/. Russia’s Economic Development Ministry expects a stronger ruble exchange rate in 2017 than it was envisaged by the macro-forecast for 2017-2019 that was adjusted in August, Economic Development Minister Maxim Oreshkin told reporters.

"Regarding that version that was presented in August - we carefully looked at what is happening in the economy and decided to make some changes. We slightly increased the price for oil, because we see that it remains above the level that was planned ($49 per barrel - TASS), now it will be about $50 per barrel. It also implies a slightly stronger ruble due to higher oil prices," Oreshkin said.

According to the macroeconomic forecast for 2017-2020, the updated version of which was submitted by the Economic Development Ministry of in late August, the price of Urals oil in 2017 in the baseline scenario will be $49 per barrel (previously $45.6). The average annual rate of the dollar to the ruble is seen at 59.7 rubles in 2017 (previously it was 64.2 rubles). By the end of the year the dollar rate is expected at 63 rubles (previously - 68 rubles).

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