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  Thursday, September 24, 2020
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The rate of the ruble against the dollar will remain at 27.7 through next year
The rate of the ruble against the dollar will remain at 27.7 through next year, a Russian Finance Ministry official told reporters ahead of Cabinet deliberations on the 2006 draft budget and on blueprints for a three-year financial plan. The rate is expected to rise to 28.1 in the year 2007 and further up to 28.3 in 2008, the official said. The national currency's rate against the euro is expected to remain at US$1.28 through 2006 and to rise to US$1.3 in the two subsequent years. Russia's Stabilization Fund may grow to 2.3 trillion rubles by the end of 2008. This is according to the 2006-2008 financial plan blueprints, to be unveiled at the Cabinet session Thursday. The Fund will likely reach 1,700 billion rubles at the end of 2006, to grow further to 2,000 billion in 2007 and on to 2,300 billion in 2008. Its sustained growth is due to record-high oil prices on the world's commodity markets, the Finance Ministry says. But the soaring oil prices are unlikely to boost GDP growth in the three coming years, it warns
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