MOSCOW, November 25 (RIA Novosti) - The real rate of the ruble's appreciation in 2005 will be 10%, 2% beyond the forecasted 8%, and year-end inflation will exceed the government's target, 8.5%-10%, to reach 11%, Central Bank of Russia Chairman Sergei Ignatyev said Friday.
Speaking at a parliamentary session on the government's monetary policy guidelines for 2006, Ignatyev said the higher-than-expected ruble appreciation rate had had no noticeable effect on economic growth so far and was holding back inflation.
He said the rise in inflation was due to "factors beyond the Central Bank's control" and was mainly caused by the mounting prices of utilities services, meat, and gasoline.
