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Russia doesn't need fiscal, monetary stimulus - IMF
June 18, 2013 / 11:48 AM / in 4 years

Russia doesn't need fiscal, monetary stimulus - IMF

MOSCOW (Reuters) - Russia does not need to administer further stimulus, nor should it devalue the rouble, as the economy is running close to capacity, the International Monetary Fund said on Tuesday.

“There is no point in monetary or fiscal stimulus,” the IMF’s mission chief for Russia, Antonio Spilimbergo, told a news conference after an annual visit to Russia.

Rebutting calls for a weaker rouble by Finance Minister Anton Siluanov, Spilimbergo said: “The economy is running at full capacity. A weaker rouble will not boost the economy.”

Commenting on changes in the way the government manages its oil export revenues, Spilimbergo said: “We do not think this is done with the purpose of affecting the exchange rate. It is a technical issue of liquidity management.”

Reporting by Maya Dyakina; Writing by Douglas Busvine; Editing by Maria Kiselyova

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