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Alexei Kudrin said Wednesday that the ruble appreciation trend would continue, but at a considerably lower rate
Russian Finance Minister Alexei Kudrin said Wednesday that the ruble appreciation trend would continue, but at a considerably lower rate. "The Russian currency will have appreciated by 81-82% against the dollar since 2000 by the end of 2005," Kudrin said at a round table meeting on ruble exchange rates and economic growth. He said the trend would guarantee a 25% nominal import growth a year and that the federal budget for the next three years would allow for the slowing of ruble appreciation rates from 8% to 4-4.5%. The minister pledged that Russia would resume the ruble's real exchange rate used before the 1998 crisis. "We have attained a rate that is positive for maintaining economic growth during the condition of tough competition between Russian and Western enterprises," Kudrin said, adding that the nominal rate of the ruble had not been changed in the budget for the next three years. According to Kudrin, the ruble's exchange rate would be Russia's main lever to protect its domestic manufacturers after its accession to the World Trade Organization since the country would be forced to abandon import quotas and would not be able to rely on import duties. Trade is more liberalized now than it is expected to be after the accession, Kudrin said. The minister was pessimistic about the scheduled reduction of VAT from 18% to 13%. "This will be an incorrect measure that will essentially destabilize the economy," he said
Print Alexei Kudrin said Wednesday that the ruble appreciation trend would continue, but at a considerably lower rate Bookmark Alexei Kudrin said Wednesday that the ruble appreciation trend would continue, but at a considerably lower rate

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