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Inflation to Obey President’s Order
The inflation was 0.6 percent in November and 8.2 percent from early this year, Russian Statistics Service said in the yesterday’s report, dispersing all doubts about ability to contain the annual inflation at 9 percent.
The yesterday’s statistics sprang no surprise actually. November inflation of 0.6 percent and the total inflation of 8.2 percent had been forecasted both by the Economic Development Ministry and the better part of analysts.
But the news was pleasant for top managers of the Central Bank of Russia, Finance Ministry and Economic Development Ministry, who will be able to report to President Putin the successful execution of his commitment. The president’s order was to maintain the 9-percent inflation this year.
In Russia, the basic lever to contain inflation was appreciating the ruble. Another factor was delayed spending of the budget funds vs. the schedule.
Also on Tuesday, Economic Development Ministry came up with its adjusted outlook. The expectations for GDP growth improved from 6.6 percent to 6.8 percent (the World Bank forecasts 7 percent), but the 2007 advance is predicted at no more than 6 percent. The ministry expects the ruble to appreciate to 26.4 to the U.S. dollar by the year-end. The yesterday’s rate of exchange was 26.18 ruble/$.
www.kommersant.com
All the Article in Russian as of Dec. 06, 2006
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