Central Bank to leave the basic variant of $30/barrel

​K. Yudaeva, deputy chairman of the Central Bank, said that the Russian regulator still bases on the oil price of $30/barrel.

This is the basic variant. The Bank of Russian can’t see a necessity to change it though oil prices rose to $44. She said that this is the average annual oil price which seems quite conservative and reasonable. She said that it is early to focus on a more optimistic scenario, there are not enough grounds for that.

The extreme optimism upon the oil price rise might lead to problems. The Bank of Russia will decide to reduce the key rate, the economic situation will change and it will need to be increased again. Such fluctuations will negatively influence on the stability of Russia’s financial market. The Bank of Russia plans to correct the basic forecast on oil not earlier than in July.