Russian export earnings and import spending continue to fall
Russian export earnings and import spending continue to fall Preliminary balance-of-payments figures from the Central Bank of Russia show export earnings from goods and services fell by a third in th...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Higher oil prices lift ruble’s exchange rate
Higher oil prices lift ruble’s exchange rate The rising price of Urals-grade crude oil since January has also boosted the ruble’s exchange rate. On Thursday (Apr. 7) the price of Urals crude was $36....
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Revised Rosstat figures give a significantly brighter view of recent industrial output growth
Russia Revised Rosstat figures give a significantly brighter view of recent industrial output growth Revised 2016–17 data show that Russian industrial output, rather than the 2.3 % reported earlier,...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2018
Russian GDP growth remains positive
Russian GDP growth remains positive Rosstat's first estimate shows 0.5 % y-o-y GDP growth in the first quarter. The growth pace supports earlier reports from the economy ministry and central bank...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2017
Russian central bank lowers key rate again
Russian central bank lowers key rate again At its regular meeting on April 28, the Central Bank of Russia Board decided to lower the key rate by 50 basis points to 9.25 %, effective May 2. The CBR ju...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2017
Change in the law pushes millions of Russians into Mir payment cards
Change in the law pushes millions of Russians into Mir payment cards At the start of the week, president Putin signed legislative amendments, whereby wages paid from government budgets and many socia...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2017
Lower oil prices hurting values of ruble and other CIS currencies
Lower oil prices hurting values of ruble and other CIS currencies At end-December, ruble hit new lows for the year pulled by declining oil prices. The ruble has renewed its slide in recent days as oi...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Forecasters see the Russian economy contracting slightly in 2016
Forecasters see the Russian economy contracting slightly in 2016 Recent economic forecasts, with the exception of the brighter projection of Russia’s economy ministry, see GDP contracting about a hal...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Cheap oil hurts ruble
Cheap oil hurts ruble The recent slide in crude oil prices has again affected the Russian ruble’s external value. The price of Urals-grade crude oil has fallen by nearly 25 % since mid-October. Today...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Russian central bank keeps rates unchanged
Russian central bank keeps rates unchanged The Central Bank of Russia last week decided to keep its key rate at 11 %, a level held since the start of August. The CBR noted that, while inflation risks...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Improved profitability of Russian firms early this year gave support to paying down foreign debt
Improved profitability of Russian firms early this year gave support to paying down foreign debt Even entering recession, corporate sector profits relative to GDP in the early months of this year soa...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Government wants to increase competition but also restrictions on public sector procurements
Government wants to increase competition but also restrictions on public sector procurements A recent economy ministry report notes that there is still plenty of room for increasing competition and t...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
CBR lowers key rate again
CBR lowers key rate again Effective Monday (Aug. 3), the key rate was lowered a half percentage point to 11 %. The Central Bank of Russia stated that the weak economy justified a further rate cut, a...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Signs that Russian economy’s decline may be stabilising
Signs that Russian economy’s decline may be stabilising The on-month contraction in seasonally adjusted industrial output as well as a core part, i.e. manufacturing output, was smaller in June than ...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Tourism accounts for nearly half of Russian services imports
Tourism accounts for nearly half of Russian services imports Services imports to Russia in 2014 were $121 billion or €91 billion (28 % of total imports). The EU provided 46 % of services imports, AP...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Loan stock growth stalls for Russian banking sector
Loan stock growth stalls for Russian banking sector The stocks of both corporate loans and loans granted to households contracted in the first four months of this year. SMEs, in particular, found it...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Russian government supports investment in production focused on import substitution
Russian government supports investment in production focused on import substitution The state Industry Development Fund has selected its first candidates for financing support. The projects to be fin...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
CBR lowers key rate
CBR lowers key rate Effective Tuesday (May 5), the Central Bank of Russia lowered its key interest rate by 1.5 percentage points to 12.5 %. It was the third rate cut this year. The central bank said ...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
CBR cuts key rate to 14 %
CBR cuts key rate to 14 % Last Friday (Mar. 13), the Central Bank of Russia cut its key rate one percentage point on the heels of its February lowering to 15 %. With risks of weaker economic growth s...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
CBR surprises with 2 p.p. cut in key rate
CBR surprises with 2 p.p. cut in key rate The key rate was lowered to 15 % starting from Monday (Feb 2). The Central Bank of Russia said the rate cut was possible because its 6.5-percentage-point inc...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015