IMF advises Russia to fight consumer price inflationJanuary 26, 2012 - 13:51 AMT PanARMENIAN.Net - Russia should orient its monetary policy more strongly toward fighting consumer price inflation, the International Monetary Fund's Senior Resident Representative in Russia Odd Per Brekk said on Thursday, Jan 26. "Russia's monetary policy needs to be anchored more firmly on inflation. This is because low and stable inflation is key to mobilizing resources domestically, and channeling them to productive investment and other uses," Brekk said. Consumer price inflation in Russia hit a historic post-Soviet period low of 6.1 percent in 2011. The government's inflation forecast bracket for 2012 stands at five-six percent. "Our analysis suggests that a medium-term target range for inflation of three-five percent would be appropriate," he added. Brekk said the IMF agreed with the Bank of Russia's intention to move to fully-fledged formal inflation targeting, in the context of a flexible exchange rate, by 2014. "It will be important to continue progress towards a more flexible ruble exchange rate, and at the same time strengthen the Bank of Russia's monetary policy toolkit," he said, RIA Novosti reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. Russia: Armenia’s frozen membership weakens CSTO position in Caucasus A Russian envoy said any step that could alienate the CSTO member states from each other is “deeply wrong”. |