## Russian Federation: Staff Report for the 2006 Article IV Consultation

_IMF Staff Country Reports, December 6, 2006_

## Source details

**Canonical URL:** [Russian Federation: Staff Report for the 2006 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159)

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## Bibliographic details
- Published: December 6, 2006
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451975246.002

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### Growth and terms-of-trade effects
- 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.

### Exchange rate, inflation, and monetary policy
- 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.

### Fiscal and structural policy
- 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.

### Subjects and keywords
- 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

*International Monetary Fund. Russian Federation: Staff Report for the 2006 Article IV Consultation. Country Report No. 2006/429 (2006).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2006-article-iv-consultation-20159_