Page 55 - RusRPTApr19

7.0 FX
RUSSIA -FX
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
Currency (units per EUR) (eop)
71.21
70.88
63.81
60.60
67.50
68.04
69.26
70.36
73.39
Currency (units per USD) (eop)
64.26
63.16
60.66
56.38
59.09
58.02
57.73
57.09
62.73
Currency (units per EUR) (average)
74.38
72.15
68.13
63.27
62.88
69.22
68.78
69.88
73.73
Currency (units per USD) (average)
65.88
64.62
63.07
58.82
57.14
59.00
58.41
56.87
61.783
Minister of Economy Maxim Oreshkin told the State Duma says that the Ministry of Economic Development has adjusted the forecast of the average annual ruble rate for 2019 from 63.9 to 66.4 rubles / $, for 2020 - from 63.8 to 67.2 rubles / $, in 2021 - from 64 to 67.8 rubles / $.
At the same time, the Ministry of Economic Development still expects inflation to be 4.3% in 2019, and the economy will grow by 1.3%. For 2018, the ruble weakened against the dollar by 21%, against the euro - by 15.4%. Since the beginning of 2019, the ruble has strengthened against the US currency by almost 6%, against the European currency - by 7%. Now the dollar is traded on the Moscow Stock Exchange at a price of 68.87 rubles, the euro is 74.44.
7.1 FX issues
The government is ready to amend currency regulations to ease punishment for resident companies for an untimely return of foreign currency revenue to Russia, Finance Minister Anton Siluanov said on March 14 at a meeting of the Russian Union of Industrialists and Entrepreneurs. “We will ease regulations for participants of foreign economic activity, reduce the fines, and sanctions for some violations of the currency regulation,” he said. “We have egregiously punitive sanctions now. We see that clearly. That is why we’ve agreed that we are ready to reduce the sanctions for an untimely transfer of foreign currency revenue and to prolong the period, during, which no administrative punishment will be imposed on a resident company if it fails
55 RUSSIA Country Report April 2019 www.intellinews.com