Economy

xchrom

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60. Russia's Finance Minister Says The Economy Could Shrink By 4% Next Year

Fri Dec 26, 2014, 08:04 AM

Dec 2014

http://www.businessinsider.com/r-russias-finance-minister-sees-economy-shrinking-4-percent-in-2015-2014-12

MOSCOW (Reuters) - Finance Minister Anton Siluanov said on Friday that the Russian economy could contract by 4 percent next year and that the budget could have a deficit of more than 3 percent of gross domestic product if oil prices average $60 a barrel.

Siluanov also told journalists that his ministry had recalculated its budget forecasts to take into account oil prices at $60 a barrel and that he expected the ruble's average exchange rate to be around 51 rubles per dollar in 2015.

He added that state bank VTB <vtbr.mm> could get 100 billion rubles ($1.9 billion) from the National Wealth Fund by the end of the year and 150 billion rubles more in 2015, while Gazprombank <gzpri.rts> could get 70 billion rubles this or next year.

Read more: http://www.businessinsider.com/r-russias-finance-minister-sees-economy-shrinking-4-percent-in-2015-2014-12#ixzz3N0MJduC1

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