2011 OECD Economic Surveys: Russian Federation 2011

image of OECD Economic Surveys: Russian Federation 2011

OECD's 2011 Economic Survey of the Russian Federation examines recent economic developments, policies and prospects; the business climate, the fiscal framework, monetary policy, and energy efficiency.

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Moving to a new framework for monetary policy

Consumer price inflation has been on a long downtrend since 1998, but Russia still experiences inflation rates that are well above those in advanced countries and relatively high among middle-income economies. The monetary policy framework in place until the onset of the global crisis combined inflation objectives with an aim of limiting real appreciation of the rouble, and the tension between these goals in an environment of large current account surpluses and occasionally strong private capital inflows resulted in a persistent tendency to exceed the inflation target. Since the global crisis, a new framework has emerged, featuring more exchange rate flexibility and increased emphasis on the CBR’s policy rates. Communication of policy decisions has also improved. The CBR should build on recent achievements to move in the direction of a flexible inflation-targeting regime. Such a move would involve spelling out price stability as the primary objective of monetary policy, streamlining the unusually high number of CBR credit instruments, and further limiting foreign exchange interventions. Another important area for improvement is monetary policy transparency, where Russia still shows up poorly in international comparisons.

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