The authorities are not going to change the budget rule due to the effect of self-heating of the ruble

The authorities will not abandon the principle of targeting a specific amount of income according to the budget rule, which could lead to the ruble self-heating effect. This was reported to Vedomosti by a source close to the government. The information was confirmed by an interlocutor familiar with the discussion. The latest source clarified that although there is no need to change the key parameters of the rule, approaches to the purchase of foreign currency in the difficult current situation in the foreign exchange market could be discussed.

The decision not to make purchases of foreign currency into reserves for oil and gas windfalls until the end of the year against the background of the collapse of the ruble, which was announced by the Central Bank on August 9, de facto suspended the budget rule in 2023. This step caused a new round of discussion of possible adjustments to the rule in the expert community. In June, at SPIEF 2023, Finance Minister Anton Siluanov also made changes. He said this in an interview with RBC-TV. Economic Development Minister Maxim Reshetnikov said at the forum that adjustments are inevitable. “We don’t care for him [разговору о бюджетном правиле] we will return, because in the parameters that we agreed on a year and a half ago, we will not go any further,” Reshetnikov noted.