WASHINGTON, July 12 Russia managed to mitigate shocks in the economy thanks to significant foreign exchange reserves, a floating exchange rate regime and control over capital flows, admitted at the International Monetary Fund (IMF).
«Russia's large foreign exchange reserves and floating exchange rate regime continue to help cushion shocks. Continued capital controls have effectively limited capital outflows and helped preserve capital reserves despite sanctions,» the organization's report states.
The IMF added that in terms of balance of payments deficits, “the rest of the world needs more consolidation” than Russia.