Cbank chairwoman warns against high crude price euphoria

MOSCOW, Jan 17 (PRIME) -- There is still uncertainty on the global crude market and one should not yield to the high price euphoria, Central Bank Chairwoman Elvira Nabiullina said at the Gaidar Forum on Wednesday.

On January 11, the Brent oil price broke through a U.S. $70 per barrel mark for the first time since December 2014.

“We should nonetheless be very cautious about financial stability risks and oil prices. Now there is a certain extent of euphoria from high crude prices, but we all understand that there was and there is uncertainly on the market,” she said.

Russia’s economy is still very dependent on oil prices although it is now less vulnerable to their fluctuations, Nabiullina said and added that the share of energy income has fallen to 40% from more than 50% in the budget. It has also dropped in the export structure, but is still significant in gross domestic product.

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