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Ruble rate differs from predicted path — Economy Ministry

Import is expected to grow a bit and "the surplus currency offer will stop pressing the market," Maxim Reshetnikov noted

ST. PETERSBURG, June 6. /TASS/. Current evolution of the Russian currency rate differs from the forecast path and the situation is volatile, Minister of Economic Development Maxim Reshetnikov told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"Ruble rate dynamics differs from the path [in the forecast]. The budget rule worked in the first six months, particularly in the second quarter. The Central Bank is selling currency within the budget rule framework - what was set aside from the last year. In conditions when we have import stabilized at a fairly low level and everything is fine with export receipts in conditions of currency revenues return, our trade balance has strengthened notably in recent weeks, according to flash statistics," the minister said.

Import is expected to grow a bit and "the surplus currency offer will stop pressing the market," Reshetnikov noted.

"The situation will start normalizing in the third quarter. We will analyze the situation and prepare a new forecast in July - August. The situation is volatile; it is difficult to say now what the new forecast will be," he added.

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