OREANDA-NEWS. December 11, 2009. Russia's Federal fiscal deficit in November was 7.9% of GDP, meaning that for 11M09 it has grown to 4.9% of GDP (the figure was 4.3% after 10M09), reported the press-centre of OTKRITIE Financial Corporation.

The fiscal weakening resulted from a decrease in November revenues to RUB659bn (-2% MoM), coupled with higher spending (RUB933bn, or +12%).

View: This  development was entirely expected, but it leaves RUB1.7tr for the government to spend in December 2009 (+85% MoM spending increase), potentially exerting short-term pressure on ruble exchange rates.