Russian Federation: Staff Report for the 2012 Article IV Consultation

August 3, 2012

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Russian Federation: Staff Report for the 2012 Article IV Consultation, (USA: International Monetary Fund, 2012) accessed September 19, 2024

Also available in: русский

Summary

The Russian Federation economy saw growth of about 4 percent and a current account surplus—the result of favorable harvest, high oil prices, and reduced unemployment and inflation. Implementation of structural reforms initiated by the Central Bank of Russia (CBR), managing domestic demands, and non-vulnerability to oil price variation were suggested by the Executive Board as short and mid-term challenges. Strengthening monetary policy framework, allowing greater exchange rate flexibility, implementing Financial Sector Assessment Program (FSAP) recommendations, expansion of CBR powers, reduced state involvement in the economy, and enhancement of communication policies were also recommended.

Subject: Correspondent banking, External debt, Financial services, Inflation, Oil prices, Prices, Public debt

Keywords: Bank, CBR repo rate, Correspondent banking, CR, Fiscal policy, Global, I. fund relation, Inflation, ISCR, Market, Nonoil balance excl. one-off, Nonoil balance excl. one-off receipt, Oil price, Oil prices, Potential GDP, Russia, Trend inflation, Windfall oil revenue

Publication Details

Pages:

60
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2012/217
Stock No:

1RUSEA2012002
ISBN:

9781475505030
ISSN:

1934-7685

Notes

Also Available in Russian

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