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Date: 5 months ago   Category: Finances

What will be with RUSAL and whether it will stand under sanctions? Maxim Oreshkin's interview to Business FM


How does the relation of the authorities to privatization change? What waits for the Russian currency? According to the minister, "all currencies have now entered high turbulence", and the government "has no interest in weaker ruble". Also, according to him, time to sell dollars Maxim Oreshkin has come. Photo: Sergey Savostyanov/TASS the Minister of Economic Development of the Russian Federation Maxim Oreshkin has given to Business FM a big interview within East economic forum. The editor-in-chief of radio station Ilya Kopelevich talked to him. We last week have conducted survey of a retail and restaurateurs regarding food prices, and on average all of them speak about increase in prices which has begun at the end of August, for 5-6% understandably: the course, the future VAT, is still branch factors of this season and in general dollar 70 now. Forecasts for inflation will change? Maxim Oreshkin: Restaurateurs are such always mixed selection. Not their prices — purchase. Maxim Oreshkin: I mean that those products which they buy it is not a usual basket for Russians. It is necessary to approach such estimates accurately, but I absolutely agree: there is a tendency to strengthening of inflationary pressure. We see — and statistically already annual changes have exceeded 3%, we expect that by the end of the year the figure will continue to accelerate and in the first quarter will reach peak around 5%. That is here acceleration is expected, will go on all groups. Course volatility, that ruble depreciation which we see now in case of his preservation for the long period of time will make on dynamics of the prices upward impact too, and from it not to get to anywhere. We will watch what will occur in the foreign exchange market. By our estimates, the current rate seriously deviates from equilibrium, with other things being equal the ruble would have to become stronger, but there are no other equal conditions because we see everything that occurs in the global markets, we see what happens to currencies of Turkey, Argentina, Brazil, the Republic of South Africa, India. All currencies have now entered high turbulence. It not just affects the Russian market, it still amplifies those stories connected with discussion of sanctions risks. The same Central bank tries to stabilize a situation. They have refused purchase of currency in the open market. Now they will discuss issues of dynamics of interest rates. We de facto after ruble depreciation have a decrease in import. Export against the background of prices of oil which have reached 78 dollars for barrel, on the contrary, increases. This additional offer of currency is fundamental is in the market, but here because of all this volatility, uncertainty it now so far doesn't reach the market. Therefore we will look how many the volatility period in the market will proceed, and will depend on it including inflationary dynamics. If to summarize, meanwhile you on the first quarter of next year predict growth of inflation for figure higher than 5%. And there we will look? Maxim Oreshkin: No, actually just above this level inflation will hardly go, and the first quarter — it will be peak value. Here

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