07:16 GMT +321 July 2018
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    Stabilization Fund "sterilizes" excessive money, Ulyukaev says

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    MOSCOW, June 15 (RIA Novosti) - The excessive money supply is well sterilized by the Stabilization Fund, believes first deputy chairman Alexei Ulyukaev of the Central Bank of Russia.

    He told the State Duma working group at a sitting on Wednesday that, according to the Central Bank and the Economic Development and Trade Ministry, the real effective rate of the ruble may be strengthened from 8 to ten percent

    Ulyukaev said that a tougher control of tariffs of the natural monopolies in regions would make the anti-inflation struggle more efficient.

    He also said that a third of the 2005 inflation rate falls on tariffs of the housing and utilities sector, rising food prices.

    In January - May period the inflation was 7.3 percent, Ulyukaev said. The prognosticated annual level of inflation is ten percent.

    "Actually one third of the inflation increment is the housing and utilities tariffs, the growth of prices on agricultural products, above all meat. It is due to mistakes in quoting the import of meat," Ulyukaev said.

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