The Ruble Is Strengthening Despite Low Oil Prices

Translated by Soviet Bear for Fort Russ

July 20th, 2016

The ruble strengthened, despite volatility in commodity markets. This statement was made by President of Russia Vladimir Putin. The head of the government Dmitry Medvedev proposed to discuss further steps in this direction, taking into account these factors.

“The ruble strengthened, despite the price volatility in commodity markets,” said the President. “In this regard, we certainly need to think about how and what we will do in the near future in relation to these factors,” quotes “Interfax” from the words of the head of state at a meeting with the Prime Minister.

Dmitry Medvedev said: “There is a plan for this year under which we operate, which provides support to the real sector of the economy, support for small and medium businesses that it is now important for this class of entrepreneurs and support for non-oil exports”. The latter, according to him, “is essential in the current situation.”

“These non-oil exports are already having significantly more impact on the revenues that we generated, that is, the share of revenues that are derived from the export of manufactured goods, it significantly increased over the last few years,” said the head of government. He stressed that this is due to the dynamics of oil prices and an increase in the supply of non-energy commodities supplied by Russia to other countries.

“The government is now beginning active work on the budget, we will return to a three-year plan, I hope that all of these factors will be considered in the near and medium term,” said Vladimir Putin.

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