The ruble, which fell to three-month low, is located near the fundamentally justified level – 55 rubles per dollar plus or minus two-three rubles, said Economic Development Minister Alexei Ulyukayev.
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But the rate can affect the situation around Greece – not directly, for this is our trade and investment cooperation with Hellas too little, and in fluctuations in oil prices and the withdrawal of international investors from developing countries in the less risky but less profitable assets. This always happens in times of heightened uncertainty, and an incident with Greece – just out of this series. But Alexei Ulyukayev sure that markets quickly enough to restore the balance.
Greece, Russia to provide direct financial assistance is not going to, at least she did not ask about it. However, the general investment projects and commercial lending are discussed.
What exactly in this year will not be – so it’s increasing Russian credit rating from international agencies. Gref called the expected decision to maintain Fitch ratings of the Russian Federation at the same level of investment in the latter part of the rating scale, and with the forecast “negative”. “Economically, of course, the rating of the Russian Federation should be higher by at least two steps, because it is primarily based on the macroeconomic stability”, – said Ulyukayev said on the sidelines of the 5th meeting of the Ministers of Economy and Foreign Trade of the BRICS countries in Moscow.
“The investment rating – it is a natural assessment of the Russian economy and finance,” – continued Alexei Ulyukayev and recalled that the Russian budget deficit is minimal foreign debt is only 3 per cent of GDP, and the government and central bank have accumulated sufficient reserves.
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“Colleagues from Fitch Agency and other agencies, which further hastened and lowered the rating of the Russian Federation, even below investment grade, will not be able to recognize the reality at the next meetings of the political and reputational reasons. I think we will have to live with these ratings for at least the entire 2015 “, – said Alexei Ulyukayev.
Again, as a former deputy chairman of the Central Bank he was forced to speak on monetary policy: the potential to reduce the key rate still exists, as inflation slows down. In July of indexation, it will be a little higher than in June, but the rest of the year is likely to be within 11 percent, and by the end of the first quarter of next year will fall to 7 per cent year expression. At the same time the Central Bank, explaining his June decision on the key rate, hinted that “the coming months” it will remain unchanged.
At the meeting of the BRICS Alexei Ulyukayev and head of delegations from Brazil, India, China and South Africa agreed on the basic parameters of the strategy of economic partnership BRICS. In order not to be unfounded, Russia has proposed a set of 50 specific projects, which mainly relate to communication between the two countries are geographically very, very distant from each other.
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All the BRICS countries have agreed to establish a common framework for cross-border e-commerce. The agreements will form the basis of a multilateral framework agreement on e-commerce.
The development of this trade in the “five” is the explosive nature – these markets are growing at 15-30 percent a year. But we are at a ministerial meeting was not so much about retail, but about trade in the format “business to business “and” business-to-government. “To this end, in particular, countries have to provide a common electronic document for instant transactions and making payments and, possibly, harmonize legislation on public procurement and customs procedures. In order to identify the contracting parties BRICS countries should create certification centers . In addition, the BRICS countries have agreed to cooperate in support of micro and small business.
Russia will also coordinate their activities in the World Trade Organization, with India and China, which largely depends on the outcome of long-standing, had nearly 15 years of negotiations on the liberalization of world trade (the Doha Round). Russia it would be beneficial, We, recently joined the WTO, the country, the new obligations will not be affected, or almost touch, and export opportunities for Russian producers, especially farmers, have to add.
It’s about the fact that countries, especially Western, must still reduce state subsidies to their farmers, so as not to “distort” competition in the global market. For the BRICS countries, which account for over 40 percent of food production is crucial. Therefore, they are willing to sacrifice ambition other “tracks” of negotiations, particularly on market access of industrial products, but expect the same flexibility from partners, said the question of “RG” Alexei Ulyukayev. “The policy of all or nothing – not for us,” – he said. With the BRICS and go to the 10th ministerial conference of the WTO in Kenya in December. But 100 percent certainty of success there.
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