Int'l ratings agency says Russian economy to grow 4 prcnt
World economy's pullout from the crisis is exerting a beneficial effect on Russia whose Gross Domestic Product will likely growth 4% this year and may show an even bigger percentage next year, said a report issued by Moody's, an international ratings agency.'
It quoted Moody's Vice President and senior analyst, Dietmar Hornung as saying all factors are pointing to an improvement of the economic situation in Russia.
The growing prices of crude oil have helped the country to restore trade surplus, have raised the exchange rate of the ruble and have supported the struggle with the still high inflation rate.
Moody's points out that the Russian government does not have the burden of servicing the sovereign debt and it possesses sufficient enough reserves of foreign exchange.
If the Russian authorities manage to keep the expenditure, the recovery of oil prices wil help them to replenish the assets of the oil fund gradually, the report says.
Moody's rated Russia's recent release of Eurobonds, the first over a period of ten years, as Baa1 with a stable forecast.
Dietmar Hornung also believes the assessment of prospects of the Russian banking system may also change for stable in the second half of the year.
[Source: Itar Tass, NY, 02May10]
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