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It was expected to rise to $21.7 billion in the year. 2016 budget revenues were estimated to be 13.7 trillion rubles (200 billion US dollars) or 17.5% of GDP, while spending is planned to be 16 trillion rubles (roughly 233 billion dollars) [1] or 20.5% of GDP. The budget deficit is thus 2.35 trillion rubles (33 billion dollars) or 3% of GDP. [2]
Due to the ongoing crisis the planned 33% increase had to be reduced to 25.6%, meaning the 2015 Russian military budget totalled 3.1 trillion rubles. The originally planned 3.36 trillion budget for 2016 was also reduced to a planned budget of 3.145 trillion rubles, an increase of only 0.8% over 2015. [7]
From July 1992, when the ruble first could be legally exchanged for United States dollars, to October 1995, the rate of exchange between the ruble and the dollar declined from 144 rubles per US$1 to around 5,000 per US$1. Prior to July 1992, the ruble's rate was set artificially at a highly overvalued level.
The 2024 budget expects revenues of 35 trillion rubles ($349 billion) with expenditure of 36.6 trillion, based on a Urals oil forecast of $71.30 per barrel, a 90.1 rubles to USD 1 exchange rate and inflation of 4.5%. Defence spending will double to 10.78 trillion, 29.4% of expenditure.
The rapidly devaluing Russian ruble is related to Western sanctions on the Russian central bank’s $630.2 billion in reserves, which would otherwise have helped the country stabilize the currency.
US Dollar Index and major financial events. The U.S. Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, [1] often referred to as a basket of U.S. trade partners' currencies. [2]
The US economy expanded by 1.6% in the first quarter, the slowest pace in nearly two years — but it's still growing instead of contracting. The economy advanced by a 3.4% annualized rate in the ...
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