Russia’s unexpectedly strong recovery since its 1998 crisis has left people wondering whether it is just a temporary result of higher oil prices and the postcrisis depreciation of the ruble or a sign ofdurable improvements in the much-battered economy. This question is addressed in the book Russia Rebounds, written by members of the IMF’s Russian team and due out later this year. John Odling-Smee, Director of the IMF’s European II Department, spoke with Laura Wallace about Russia’s prospects and its relationship with the IMF during the troubled 1990s. Odling-Smee, a U.K. national, joined the IMF in 1990 and took over responsibility for the IMF’s relations with former Soviet Union countries in 1992. Before that, he served in the U.K. Cabinet Office and Treasury for about 15 years.

Abstract

Russia’s unexpectedly strong recovery since its 1998 crisis has left people wondering whether it is just a temporary result of higher oil prices and the postcrisis depreciation of the ruble or a sign ofdurable improvements in the much-battered economy. This question is addressed in the book Russia Rebounds, written by members of the IMF’s Russian team and due out later this year. John Odling-Smee, Director of the IMF’s European II Department, spoke with Laura Wallace about Russia’s prospects and its relationship with the IMF during the troubled 1990s. Odling-Smee, a U.K. national, joined the IMF in 1990 and took over responsibility for the IMF’s relations with former Soviet Union countries in 1992. Before that, he served in the U.K. Cabinet Office and Treasury for about 15 years.

article image
The SDR interest rate and the rate of remuneration are equal to a weighted average of interest rates on specified short-term domestic obligations in the money markets of the euro, the Japanese yen, the pound sterling, and the U.S. dollar, which constitute the SDR valuation basket. The rate of remuneration is the rate of return on members’ remunerated reserve tranche positions. The rate of charge, a proportion of the SDR interest rate, is the cost of using the IMF’s financial resources. All three rates are computed each Friday for the following week. The basic rates of remuneration and charge are further adjusted to reflect burden-sharing arrangements. For the latest rates, call (202) 623-7171.General information on IMF finances, including rates, may be accessed at www.imf.org/external/fin.htm.Data: IMF Treasurer’s Department