## Russian Federation: Staff Report for the 2012 Article IV Consultation

_IMF Staff Country Reports, August 3, 2012_

## Source details

**Canonical URL:** [Russian Federation: Staff Report for the 2012 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2012-article-iv-consultation-26148)

## Other formats

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## Bibliographic details
- Published: August 3, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475505030.002

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### Macroeconomic outcomes and drivers
- Growth of about 4 percent.
- A current account surplus.
- Drivers cited: favorable harvest, high oil prices, and reduced unemployment and inflation.

### Short- and mid-term challenges identified by the Executive Board
- Implementation of structural reforms initiated by the Central Bank of Russia (CBR).
- Managing domestic demands.
- Non-vulnerability to oil price variation.

### Policy recommendations and institutional measures
- 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 focus and keywords (as presented)
- 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

*International Monetary Fund. "Russian Federation: Staff Report for the 2012 Article IV Consultation", August 3, 2012.*

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## Content in this bundle

- **Russian Federation: 2012 Article IV Consultation; IMF Country Report No. 12/217; July 11, 2012**
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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2012-article-iv-consultation-26148_