The IMF saw signs of recovery of the Russian economy

The IMF experts published a report on the visit to Moscow from 14 to 18 November. In the report, which quotes the press service of the Fund, quoted the head of the mission Ernesto Ramirez Rago, who believes that the Russian economy “suffered a double shock from falling oil prices and international sanctions”, and now there are signs of the beginning of the turn. And if at the end of this year the IMF expects a decline in the economy of 0.6% in the next year experts suggest GDP growth of 1.1%.

On the positive side, the IMF attributed and expected by the end of the year the decline in inflation to 5.6%.

According to the IMF, the Russian authorities have succeeded in reducing the budget deficit in trying to adapt to the constant low oil prices. The experts noted the need for pension and tax reforms and greater investment protection.

IMF chief Christine Lagarde at the APEC summit in Peru in mid-November, also praised the actions of the authorities and the Bank of Russia on maintenance of macroeconomic stability. According to her, the head of the Central Bank “has done a fantastic job”.

19 September 2016 key rate is at 10% per annum. On 9 November the Bank of Russia recorded the first structural surplus liquidity in the banking system. “We have Monday happened first tentative structural surplus of liquidity — RUB 26 billion, it is up to the end of the year may be unstable. From January he will be settled in the area, and consequently, economic preconditions for release OBR (Bank of Russia bonds. —) somewhere in the beginning of the year should be”, — said the head of the Department of monetary policy of the Central Bank Igor Dmitriev.