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On 15 December, the text of Federal Law of 14 December 2015, No 359-FZ 'On the Federal Budget for 2016' was posted to the Official Governmental Internet Portal of legal information. One day earlier, the RF Ministry of Finance published 'The Budget for the Citizens', an explanatory attachment to the Federal Law 'On the Federal Budget for 2016'.

After its two-day meeting, the US Federal Reserve released, on 16 December, its long-awaited decision that the key interest rate would be increased by 0.25 pp. – to 0.25–0.5% per annum.

Last week, the Bank of Russia issued a revised forecast of Russia’s economic development in 2016-2018, which takes into account the risks that emerged in Q4 2015.

At the Bank of Russia Board of Directors' meeting last Friday, it was decided that the key interest rate should be kept unchanged. The key interest rate is to stay at 11% until the Bank of Russia Board of Directors' meeting scheduled for 29 January 2015.

This week, the Central Bank of Russia has declared its cash emission plans till the end of this year. According to the estimate announced by G.I. Luntovsky, First Deputy Chairman of the Central Bank of Russia, the volume of cash funds is to increase by Rb 1 trillion before the end of the current year. Is that much or little?

On 13 November 2015, the State Duma will consider in the first reading the draft federal budget which is being formed in quite complicated economic conditions for Russia – the economic crisis, sanctions and depreciation of prices on energy commodities– which affect formation of the revenue side of the budget.

On 30 October 2015, the Central Bank of Russia made a decision to leave unchanged both the key rate and rates on its operations related to provision and absorption of liquidity.

On 23 October 2015, the Government of the Russian Federation introduced a draft law on the 2016 Budget to the State Duma. The budget was drawn proceeding fr om the forecast of the oil price being equal to $50 a barrel and the rate of inflation and GDP growth amounting to 6.3% and 1.2%, respectively.

On 5 October 2015, negotiations were over on establishment of the Trans-Pacific Trade Partnership (TTP) which numbers 12 states of the Pacific Region, including the world’s largest economies, such as the US, Canada, Japan and Australia.

Data released by Rosstat related to industrial statistics (for August) demonstrate a return of stagnation to negative trend – industrial output in the Russian Federation in January-August down 3.2%, and in August down 4.3% in annual terms. At the same time, compared to July 2015, industrial growth amounted to 0.2%.

On 10 September, the International Budget Partnership (IBP) released the Open Budget Survey 2015, the fifth of its kind since 2006.

After eighteen months break, the Russian Ministry of Defense published the official departmental statistics for the years 2014 and 2015 regarding the number of military retirees, provisioned in paragraph 7.1 of the federal statistical work plan. The information was published in the “Open Data” section on the official web site.

Ministry of Economic Development drafted a government resolution aimed at increasing the use of innovations by the state companies.

The quality of state government and efficiency of budget expenses are becoming dominant domestic factors of the budget system stability, its ability to adjust to risks related to falling prices on hydrocarbons and economic growth slowdown.

Today both Russian legal and individuals may open accounts (deposits) with foreign banks outside the Russian Federation.

Last week the Bank of Russia took two important decisions regarding the monetary policy: first, from 28 July onward purchases of foreign currency to replenish international reserves were halted, and, second, from 3 August the key rage was reduced by 0.5 p.p. from 11.50 to 11.00 per cent per annum.