23 Mar 2023 18:39

Russian Econ Ministry to revise 2023 ruble rate forecast down - Reshetnikov

MOSCOW. March 23 (Interfax) - The Russian Economic Development Ministry will revise the current forecast for the average ruble exchange rate for 2023 down, taking current exchange rates and new expectations for oil prices into account, Economic Development Minister Maxim Reshetnikov told reporters.

"Of course, we will revise [ruble exchange rate forecast downwards], including taking into account the adjustment of the forecast for both oil production and oil prices," he said, when asked about the ruble exchange rate that had been factored into the current official forecast.

The Econ Ministry in September 2022 forecast an average rate of 68.3 rubles/$1 for 2023. The 2023 budget was based on that forecast.

Reshetnikov said the updated macroeconomic forecast would be unveiled in April.