Inflation in Russia in 2016 will be the lowest in recent years - Finance Minister
Inflation in Russia at the end of 2016 may be below 5,8%, Russian Finance Minister Anton Siluanov said today, presenting changes to the current year’s state budget in the State Duma.
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“We estimate inflation this year at 5,8%. I want to say that this will be the lowest inflation in recent years. Perhaps it will even be lower than our forecast,” the minister said, speaking in the State Duma.
The key task of the Central Bank of the Russian Federation within the framework of the inflation targeting policy is to achieve inflation of 4% by the end of 2017.
The 2016 budget specifies revenues - they will be reduced by 269,9 billion. Expenses will increase by 304 billion. The budget deficit will be 3,7% of GDP, that is, 0,7% higher than planned. 2016 budget expenditures on defense will increase from 18% to 22,3% of total budget expenditures
The resources of the Reserve Fund at the end of 2016 will amount to 1,1 trillion rubles, the National Welfare Fund - 4,7 trillion rubles, of which 1,6 trillion rubles have already been invested in assets and projects.
“That is, 3,1 trillion rubles is our remaining reserve, which can be used to finance expenses,” Siluanov said.
Inflation in Russia in 2016 will be the lowest in recent years – Finance Minister