The Central Bank argued with the Ministry of Finance about the budget rule
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The base price of oil ($60/bbl) and production volume (9.5 million bbl/d) are overstated in the parameters of the new budget rule proposed by the Ministry of Finance, analysts from the Bank of Russia believe. Their position is outlined in a new review, Modification of the Fiscal Rule: From Conservatism to Softness.
The new concept of the budget rule has not been officially announced. In public comments on this matter, the Ministry of Finance responds in a standard way that it is being worked out. Central Bank Chairman Elvira Nabiullina also evasively answered the question about the rule earlier, saying that there are different proposals. In their review, analysts of the Central Bank, criticizing the parameters of the rule, refer to media publications. Earlier, about the option proposed by the Ministry of Finance with a cut-off price of $60 per 1 barrel. wrote Vedomosti.
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