Russia plans to use digital ruble in budget spending

Russian Finance Minister Anton Siluanov said a pilot study to use digital rubles in some budget expenditures will be launched next year.

Siluanov made assessments about the Russian economy in his speech at the Russian Federation Council.

Siluanov stated that the ratio between the budget deficit and GDP will not exceed 1 percent between 2024 and 2026: “If the situation changes, we will adjust our forecasts. “The prepared budget fulfills the duties of macroeconomic stability and balance, taking into account priorities.” saying.

Speaking about the additional income tax introduced for large companies in Russia, Siluanov said: “We had targeted revenue of approximately 300 billion rubles (approximately $3.4 billion). “Of this amount we receive 40 billion rubles, but the main payment period will be in November and December.” he said.

THE PILOT APPLICATION WILL BE MADE NEXT YEAR

Siluanov explained that they plan to use the digital ruble, which is still being worked on, in budget expenditures and said: “Last week we met with the president of the Central Bank of Russia, Elvira Nabiullina, about the use of the digital ruble in processes budgetary. “We agreed to run a pilot plan in which we will apply the digital ruble to certain expenses starting next year.” she made the assessment of it.

In his statement on November 8, Nabiullina said they were also negotiating the use of the digital ruble in international transactions. (AA)