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![Russia, the world’s biggest producer of crude had boosted its hydrocarbon reserves by 550 million tons of oil this year [Xinhua]](http://thebricspost.com/wp-content/uploads/2013/03/oil-russia3.jpg)
Russia, the world’s biggest producer of crude had boosted its hydrocarbon reserves by 550 million tons of oil this year [Xinhua]
However, the Russian Finance Ministry could get windfall by selling currency reserves owing to the ruble undervaluation, said the Finance Minister Anton Siluanov.
The Russian central bank has undertaken various policy measures to stabilize the ruble and preserve its reserves. Having adopted a free float for the ruble, it raised interest rates twice in December to 17 per cent.
Russia’s inflation in 2015 will peak in March and April, when it will reach between 15 and 17 per cent, Russian Deputy Economic Development Minister Alexei Vedev said Wednesday.
“The peak of inflation will probably be in March-April, and I hope lower than 20 percent year-on-year at the level of 15 to 17 percent,” Vedev told reporters in Moscow.
Russia has seen a rapid depreciation of its currency in recent months due to falling oil prices and geopolitical tensions related to the Ukrainian crisis.
In December, Russian President Vladimir Putin said that the country’s economy will inevitably recover from the current downturn in the next few years, adding that it may rebound as early as the first quarter of 2015.
Russia’s Reserve Fund, set up to accrue surplus revenues from oil exports and cushion the budget against a sharp fall in oil prices, grew by 70 per cent in 2014 year on year to 4.945 trillion rubles (about $88 billion) as of January 1, 2015, the Finance Ministry said on Tuesday.
Russia’s National Welfare Fund, set up to implement pension reform, increased by 50 per cent last year to 4.388 trillion rubles ($78 billion), the Finance Ministry said.
TBP and Agencies
