Elvira of Nabiullina: the Federation Council of the Russian Federation / RIA Novosti
The head of the Bank of Russia Elvira Nabiullina spoke out against the idea to use the Mexican experience and to insure the price of oil. She announced this during the press conference, the broadcast which is on the website of the regulator.
Nabiullina said that the budget rule, and so performs its function. To make changes, you have to be confident in the new preference mechanism. “We’re not sure”, she said. The Governor added that the production and export of oil in Mexico is much less than in Russia. So the operation on hedging for the Russian economy will be very expensive. “It’s not the best way to spend money from the national welfare Fund”, she stated.
Earlier, the press Secretary of the President of Russia Dmitry Peskov said that the head of state instructed to consider the insurance price of oil, as in Mexico. Such insurance is that the government buys options on commodities by getting the right to sell it later at a predetermined price.
Order of the Russian authorities was to stabilise the national welfare Fund and protect it from the effects of turbulence in oil prices. Paid insurance must also Fund.
Video, photo All from Russia.