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Date: 3 months ago   Category: Finances

Oreshkin: time to sell dollars and to buy rubles


Maxim Oreshkin.
The Minister of Economic Development has given an interview of Business FM in which I have told that the ministry will keep the forecast of ruble exchange rate in 63,9 for dollar on the end of the year Maxim Oreshkin. Photo: Kirill Kukhmar / TASS time to sell dollars and to buy rubles Has come, the Minister of Economic Development Maxim Oreshkin has said in an interview to Business FM at East economic forum. The editor-in-chief of radio station Ilya Kopelevich talked to the minister. In the updated forecast for this year, in my opinion, the Ministry of Economic Development has formulated figure — on average 61 rubles for dollar. Maxim Oreshkin: The medium term will be an exit to level 63-64. And these figures in spite of the fact that the day before 70 we have punched, emotionally don't influence you, all your calculations are right? Maxim Oreshkin: We had a forecast which we did at the very beginning of summer, and now under the budgetary process at the end of August — the beginning of September the forecast has been updated. Everything that we have changed, it dynamics for the next 6-12 months. We have considered all that volatility which is in the global market, sanctions history. It has led to the fact that we have seriously increased short-term capital outflow for the next 6 months, and a course, which to this capital outflow соответственен, weaker. Dolgosrochno, outside twelve months, we don't see any reason why to change these indicators because we have a stability... I will remind, 63-64. Maxim Oreshkin: Yes, stability of a course at us is based on such basic things as the budgetary rule which provides stability in the sphere of public finances, and long-term inflation targeting on purpose in 4%, that is low steady inflation which provides stability of currency and its purchasing power in the long term. Here these politicians everything remain, and is fundamental, macroeconomically we will come back to balance, and the mechanism of a floating exchange rate means that we can deviate, deviate balance on quite considerable distances, all this is connected with short-term capital flows and moods which are in the market.63-64... Maxim Oreshkin: Even you ask a question in a negative way because you see that... Because negative it is much bigger psychologically now. Maxim Oreshkin: Correctly. You know the known quote of Warren Buffett: it is necessary to buy when you are afraid. Because when everything is good and all are sure of something, means on the contrary that this asset of prospects has some. Therefore now we have deviated, all are in some nervous state in the market. All this is broadcast in those values which we see, but as the situation reaches a certain peak and will begin to be developed, we will see the same fast movement and back. Due to those events which now not in policy, and it is clean in the markets developing the countries which are importers of oil fall one by one. Let's say us, perhaps, the following trouble — simply waits for drop in oil prices. It is possible to predict it and as it then will affect an overall picture at on

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