Russia's Central Bank chief said Wednesday that the real effective ruble rate would grow 9% in 2006

Saturday, July 11, 2020

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Speaking at a government session, Sergei Ignatyev said real ruble rate had increased by 17-17.5% from December 2004 to March 2006. "The ruble has strengthened too much, we have to admit that," Ignatyev said, adding this could hamper economic growth. The nominal effective exchange rate grew 5%-5.6% in the same period, Ignatyev said, adding that the bank did not plan to raise the effective nominal rate in the next few months. Ignatyev also said that money supply growth was expected at 25% in 2006, and added that this would happen in case of no dramatic increase in budgetary spending. He said money supply had grown slower in January 1-March 10, 2006 compared with the same period last year.

Bookmark Russia's Central Bank chief said Wednesday that the real effective ruble rate would grow 9% in 2006