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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |