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The International Monetary Fund (IMF) has announced that it expects the Russian economy to expand 3.2 percent in 2010 according to Reuters.

Since the Russian economy came out of recession in Q3 of 2009 it has only grown 0.6 percent and the IMF is still greatly concerned that credit expansion due to bad banks loans could stifle growth in the Russian economy despite its positive growth forecast.

The IMF also cautioned the Russian government and the Russian central bank to refrain from further interest rate cuts until stability in the Russian economy is restored.

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