{
  "title": "Russian Federation: Staff Report for the 2006 Article IV Consultation",
  "publication": "IMF Staff Country Reports, December 6, 2006",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159/index.md",
  "summary": "Propelled by large terms-of-trade gains, GDP growth has accelerated and is running close to potential. The demand pressures associated with the large terms-of-trade gains are reflected in a fast real appreciation of the ruble, although more of this has come through nominal appreciation during the la",
  "sections": [
    {
      "heading": "Growth and terms-of-trade effects",
      "content": "- Propelled by large terms-of-trade gains, GDP growth has accelerated and is running close to potential.\n- The demand pressures associated with the large terms-of-trade gains are reflected in a fast real appreciation of the ruble."
    },
    {
      "heading": "Exchange rate, inflation, and monetary policy",
      "content": "- More of the real appreciation has come through nominal appreciation during the last year.\n- IMF staff welcomed the greater focus on inflation control, but cautioned that additional exchange rate flexibility would be needed to meet the end-2006 target.\n- The report highlights unsterilized foreign exchange intervention and exchange rate policy as central issues for macroeconomic management."
    },
    {
      "heading": "Fiscal and structural policy",
      "content": "- The authorities agreed that structural reforms are behind.\n- Key fiscal and public finance themes covered include the Federal Government budget, stabilization fund, and public debt dynamics."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Exchange rates, External debt, Foreign exchange, Inflation, Oil prices, Prices, Public debt\n- Keywords: budget, CR, Exchange rates, Federal Government budget, GDP, Global, Inflation, inflation projection, ISCR, oil price, oil price projection, Oil prices, projection, stabilization fund, terms-of-trade gain, U.S. dollar, unsterilized foreign exchange intervention, WEO\n\nInternational Monetary Fund. Russian Federation: Staff Report for the 2006 Article IV Consultation. Country Report No. 2006/429 (2006).\n\n---\n\n Content in this bundle\n\n- cr06429 - Executive Summary\n  - cr06429 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr06429 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr06429r\n  - cr06429r (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr06429r (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159/bundle-manifest.json)",
    "Published: December 6, 2006",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451975246.002",
    "Propelled by large terms-of-trade gains, GDP growth has accelerated and is running close to potential.",
    "The demand pressures associated with the large terms-of-trade gains are reflected in a fast real appreciation of the ruble.",
    "More of the real appreciation has come through nominal appreciation during the last year.",
    "IMF staff welcomed the greater focus on inflation control, but cautioned that additional exchange rate flexibility would be needed to meet the end-2006 target.",
    "The report highlights unsterilized foreign exchange intervention and exchange rate policy as central issues for macroeconomic management.",
    "The authorities agreed that structural reforms are behind.",
    "Key fiscal and public finance themes covered include the Federal Government budget, stabilization fund, and public debt dynamics.",
    "Subject: Exchange rates, External debt, Foreign exchange, Inflation, Oil prices, Prices, Public debt",
    "Keywords: budget, CR, Exchange rates, Federal Government budget, GDP, Global, Inflation, inflation projection, ISCR, oil price, oil price projection, Oil prices, projection, stabilization fund, terms-of-trade gain, U.S. dollar, unsterilized foreign exchange intervention, WEO",
    "**_cr06429 - Executive Summary**",
    "**_cr06429r**"
  ],
  "related": [
    {
      "title": "_cr06429 - Executive Summary",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2006/_cr06429.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2006/_cr06429.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2006/_cr06429.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "_cr06429r",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-publications/external/pubs/ft/scr/2006/rus/_cr06429r.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-publications/external/pubs/ft/scr/2006/rus/_cr06429r.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-publications/external/pubs/ft/scr/2006/rus/_cr06429r.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-13T11:24:47.313Z"
}