Russia plans to use digital ruble in budget spending
Siluanov said that they plan to use the digital ruble, which is still being worked on, in budget expenditures.
Russia Minister of Finance Anton Siluanov said that a pilot study will be launched next year to use digital rubles in some budget expenditures.
Siluanov made evaluations about the Russian economy in his speech at the Russian Federation Council.
Stating that the budget deficit to GDP ratio will not exceed 1 percent between 2024 and 2026, Siluanov said, “If the situation changes, we will adjust our forecasts. “The prepared budget fulfills the duties of macroeconomic stability and balance, taking into account the priorities.” said.
Speaking about the additional income tax introduced for large companies in Russia, Siluanov said, “Approximately 300 billion rubles (approximately 3.4 billion dollar) we had targeted income. “We received 40 billion rubles of this, but the main payments period will be in November and December.” he said.
PILOT APPLICATION WILL BE CONDUCTED NEXT YEAR
Siluanov explained that they plan to use the digital ruble, which is still being worked on, in budget expenditures and said, “We met with the President of the Central Bank of Russia, Elvira Nabiullina, last week regarding the use of the digital ruble in budget processes. “We agreed to run a pilot scheme where we will apply the digital ruble on certain expenses starting next year.” made his assessment.
In his statement on November 8, Nabiullina said that they were also negotiating the use of digital ruble in international transactions. (AA)
