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Putin: Ruble
Rise May Be "Critical" For Econ - Agency -2-
Tuesday August 22nd, 2006 / 14h44 |
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The agency cited Kudrin saying the Finance
Ministry has prepared a list of measures for ensuring the ruble's
appreciation isn't excessive, without specifying in detail.
Kudrin
said much of the upward pressure on the ruble is coming from high global
oil prices, which are generating an enormous trade surplus and consequent
inflows of capital into the country.
Kudrin's own ministry effectively
sterilizes the bulk of that inflow by taxing away almost all of the extra
revenue oil companies receive when the price of the Urals benchmark blend
of crude is above $27 a barrel, and diverting it to an off-budget
Stabilization Fund.
Kudrin was pressured by the Kremlin and government
colleagues last year into spending more of the oil windfall and diverting
less to the Stabilization Fund, accordingly.
He has since argued
repeatedly that the increase in government spending has been a cardinal
factor in driving the ruble's exchange rate upwards.
According to
central bank data, the ruble rose 6.7% in real terms against the
euro-dollar currency basket used by the central bank in its monetary
policy-making.
The ruble edged higher against both elements of the
basket Tuesday, rising by one kopek against the dollar to $1=RUB26.70, and
by two kopeks against the euro to EUR1=RUB34.38 at the bank's official
fixing.
Agency Web site: http://www.itar-tass.ru
-By Geoffrey T.
Smith, Dow Jones Newswires; (+7 495) 974 8055; [EMAIL PROTECTED]
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