{
  "title": "Russian Federation: Staff Report for the 2012 Article IV Consultation",
  "publication": "IMF Staff Country Reports, August 3, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2012-article-iv-consultation-26148",
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  "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.",
  "sections": [
    {
      "heading": "Macroeconomic outcomes and drivers",
      "content": "- Growth of about 4 percent.\n- A current account surplus.\n- Drivers cited: favorable harvest, high oil prices, and reduced unemployment and inflation."
    },
    {
      "heading": "Short- and mid-term challenges identified by the Executive Board",
      "content": "- Implementation of structural reforms initiated by the Central Bank of Russia (CBR).\n- Managing domestic demands.\n- Non-vulnerability to oil price variation."
    },
    {
      "heading": "Policy recommendations and institutional measures",
      "content": "- Strengthen the monetary policy framework.\n- Allow greater exchange rate flexibility.\n- Implement Financial Sector Assessment Program (FSAP) recommendations.\n- Expand CBR powers.\n- Reduce state involvement in the economy.\n- Enhance communication policies."
    },
    {
      "heading": "Subject focus and keywords (as presented)",
      "content": "- Subject: Correspondent banking, External debt, Financial services, Inflation, Oil prices, Prices, Public debt\n- 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\n\nInternational Monetary Fund. \"Russian Federation: Staff Report for the 2012 Article IV Consultation\", August 3, 2012.\n\n---\n\n Content in this bundle\n\n- Russian Federation: 2012 Article IV Consultation; IMF Country Report No. 12/217; July 11, 2012\n  - Russian Federation: 2012 Article IV Consultation; IMF Country Report No. 12/217; July 11, 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Russian Federation: 2012 Article IV Consultation; IMF Country Report No. 12/217; July 11, 2012 (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr12217r\n  - cr12217r (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr12217r (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 3, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475505030.002",
    "Growth of about 4 percent.",
    "A current account surplus.",
    "Drivers cited: 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.",
    "Non-vulnerability to oil price variation.",
    "Strengthen the monetary policy framework.",
    "Allow greater exchange rate flexibility.",
    "Implement Financial Sector Assessment Program (FSAP) recommendations.",
    "Expand CBR powers.",
    "Reduce state involvement in the economy.",
    "Enhance communication policies.",
    "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",
    "**Russian Federation: 2012 Article IV Consultation; IMF Country Report No. 12/217; July 11, 2012**",
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