RIA Novosti citing Mr Juha Kahkonen IMF Russia mission head as saying that, the International Monetary Fund expects Russia gross domestic product to expand by less than 4% in the medium term.

The IMF has left Russia GDP forecasts for 2011 and 2012 unchanged at 4.8% and 4.5% respectively.

Mr Kahkonen also said that Russia current economic policy was insufficiently ambitious. He said that the IMF recommended the country central bank tighten monetary policy and continues raising interest rates to fight inflation, adding that he liked the regulator's foreign exchange policy.

Russia central bank has been tightening its monetary policy since last December after a six-month period of interest rate stabilization at record low levels.

(Sourced from RIA Novosti)