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  Monday, August 26, 2019
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Russia's currency reserves are expected to increase between $22.8 billion and $82.5 billion
Russia's currency reserves are expected to increase between $22.8 billion and $82.5 billion depending on the macroeconomic development scenario in 2006, the Central Bank has forecasted. The figures are contained in the draft of a document, Major Areas of the Monetary and Credit Policy in 2006, which the Central Bank submitted to the government this week. "The Bank of Russia [Central Bank] is ready to pursue its monetary and credit policy in any scenario" of Russia's economic development, the document said. The Central Bank concluded that the country's balance of payments would remain stable in 2006, considering the situation on the world market, the demand for Russian exports, and the expected growth of the Russian and world economies. The surplus from current operations will change depending on the scenario from $39.9 billion to $99.6 billion, the Central Bank said. "Russia will remain a net creditor for the rest of the world: the negative balance is within $16-17 billion (without the currency reserves)," the document said. The Central Bank proceeded from the assumption that imports of goods and services would drop in 2006 on 2005 levels in all scenarios, and exports of goods and services would decrease in the first and second scenarios but grow in the third scenario. Consequently, the surplus of trade in goods and services would fall at various rates in all the scenarios along with current operations in the first and second scenarios, and grow in the third scenario. The government based the official forecast of Russia's socio-economic development on various scenarios, proceeding from prices for Russia's Urals oil, $28 and $40 per barrel. The Central Bank also considered another option based on the price of $50 per barrel, which is close to current foreign conditions, the draft document said
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