IMF expect good Russian financial relations to continue

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The International Monetary Fund (IMF) has stated their belief that they expect positive relations to remain in place between themselves and Russia, despite the recent resignation of Alexei Kudrin as Finance Minister.

Mr Kudrin has been hailed as the champion of free markets within the country and the man largely responsible for the tight control of the government budget.

His abrupt resignation is thought to have spooked foreign investors, but the IMF has been quick to state that they do not see a problem with the future working relationship.

Juha Kahkonen, the IMF’s mission chief for Russia, stated; “On the reshuffling in the government, our working relations with the authorities have been good.... and we trust that this will continue going forward.

“But no matter who is in charge, the significant challenges that we have outlined for the economy are there and we would hope that policymakers would work to address these.”

Despite Kudrin being credited with some good recent work within the Russian economy, Kahkonen hinted that there were areas which could be improved.

“We believe Russia can do better. The economy has great potential and could grow significantly faster if the right policies are adopted,” Kahkonen stated.

The recent announcement that Vladimir Putin is expected to regain the Russian presidency is also likely to have affected the potential thinking of foreign investors.

The IMF will hope that a positive future for their working relationship lies ahead.

Transfer Money to Russia

If you are looking to invest in Russia, think carefully about how you will be transferring money to Russia. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Russia – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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IMF expect good Russian financial relations to continue

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