September 13, 2019 / 11:49 AM / a month ago

Russian central bank chief says govt should raise oil price in budget rule

SOCHI, Russia, Sept 13 (Reuters) - Russia’s central bank head, Elvira Nabiullina, said on Friday the government should consider revising how it accumulates reserves in the National Wealth Fund, including raising the oil price in its budget rule from the current $40 per barrel.

Speaking at a conference in the southern Russian city of Sochi, Nabiullina did not say how much the oil price should be raised in the country’s budget rule, which is designed to shield its economy from swings in oil prices and protect its reserves.

The National Wealth Fund, initially designed to support the pension system, will in the next few months exceed a threshold stipulated by the budget law, after which the government will be able to use it to invest in new projects.

Deputy Finance Minister Vladimir Kolychev said on Friday that the ministry was not considering increasing the oil price in the fiscal rule, TASS news agency reported.

Reporting by Elena Fabrichnaya; additional reporting by Anton Kolodyazhnyy; writing by Gabrielle Tétrault-Farber; Editing by Catherine Evans

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