The ruble will devalue sharply as Russia's current account turns negative in about two years due to import growth, Deputy Economic Development Minister Andrei Klepach predicted on Thursday. "Given the huge gap between imports and local production, given more long-term risks, not what is happening now, but in two years ... we will get a negative current account anyway," he said, adding that the ruble rate is overvalued at least 10 percent. "The central bank believes it will be doing it smoothly, under control ... I have never seen smooth devaluations." He said the ministry expected capital outflow to amount to $35-40 billion this year. The central bank's forecast is $30-35 billion. Russia will hold parliamentary elections this December and presidential polls in March. Capital began flowing out of the country late last year due to the political uncertainty.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:06 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 16:17 2018 Monday ,12 November
Egypt working on 4-year plan to increase growth rateGMT 12:45 2018 Friday ,09 November
Egyptian agriculture products introduced to Japanese markeGMT 11:42 2018 Friday ,02 November
Turkey's new mega airport, boon for slowing economyGMT 13:42 2018 Monday ,29 October
Egypt's trade volume hits $67.63 bln over 9 monthsGMT 15:13 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 14:46 2018 Thursday ,11 October
Economy and energy dominate agenda in Russian-Slovak relationsMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor