Russia issues forecasts on 2005

The Russian government will continue to target both the exchange rate and inflation next year because its economy is not ready for a free-floating ruble, reports the Moscow Times. At the same time, forecasts show a potential boost to the economy from revenues caused by high oil prices.

The article comments on the target of 8% real effective appreciation of the ruble, contained in the Russian central bank's draft guidlines for monetary policy in 2005. The fragile Russian economy is reliant on a