At the end of June 2015, the Russian government approved "Main Directions of the Budgetary Policy for 2016 and for the Planned Period of 2017 and 2019" submitted by the Ministry of Finance.
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The Banking Sector Is Teetering on the Verge of Unprofitability
21 july 2015
In early 2015, the volume of the corporate loan market contracted markedly. For January-May 2015, banks provided to legal entities new loans in the volume of Rb 11.9 trillion down 17.5% against January-May 2014 (Rb 14.4 trillion).
Industrial Patience Has Run Out
16 july 2015
According to the data released by the Rosstat, contraction of Russian industrial output in terms of year on year has speeded up from 0.4% in Q1 2015 to 4.9% in Q2 2015. Accelerated contraction was mainly due to the sectors which produce capital goods (mechanical engineering and construction materials) as well as long-term consumer goods.
Draft of Main Directions of the budget policy for 2016-2018 is released
02 july 2015
A draft of the Main Directions of the budget policy for 2015 and the planned period 2017-2018 is uploaded on the Ministry of Finance of Russia on 1 July. It was discussed and approved at the meeting of the government on 25 June.
Civil BRICS Forum proposed recommendations for leaders of countries
01 july 2015
On 29 June – 1 July 2015, Civil BRICS Forum was held in Moscow. Forum became the first innovation project of the kind on BRICS platform implemented within BRICS summit in 2015.
Is Russian finance system resilient to external shocks?
25 june 2015
Main thesis of the Financial Stability Review released by the Bank of Russia states that "the financial system turned out to be resilient to external shocks" and "in the current circumstances repetition of the situation created in December 2014 remains unrealistic..."
The process on cancelling licenses has speeded up notably
24 june 2015
On 24 June, the Bank of Russia took decisions to cancel the licenses of two credit participants: MAST-bank which submitted to the RF CB unreliable reporting and from commercial bank TEST which was involved in carrying out dubious transactions aimed at assets outflow from Russia. Thus, in June the Bank of Russia cancelled the licenses of 10 banks.
Following the results of the PIEF 206 agreements were signed
23 june 2015
In the course of the St. Petersburg International Economic Forum a total of 205 agreements, letters of understanding, frame protocols, as well as contracts were signed totaled Rb 293.6 bn.
The Bank of Russia has cut the key rate by 1 p.p.
16 june 2015
On 15 June 2015, the Bank of Russia Board of Directors took a pending decision to reduce the key rate by 1 p.p. from 12.50 to 11.50 percent per annum.
Inequality in the Income of the Population Went Down
09 june 2015
Real disposable money income of the population continue falling. For the first four months of 2015, the real disposable money income of the population fell by 2.2% compared with January–April 2014.
Mineral extraction tax (MET) revenues in shares of GDP continued growing
02 june 2015
The federal budget revenues in January-April 2015 constituted 21.2% of GDP (Rb 4,548.0bn) which is 0.6 p.p of GDP below their volume for the same period of 2014.
The capital adequacy ratio has departed from the last year’s critical level
25 may 2015
Main current banking sector risks are attributed to the deterioration of banks’ asset quality and the deficit of attracted means leading to considerable debt of banks before the regulator.
The BR will hamper further ruble appreciation
14 may 2015
On 14 May, the Bank of Russia announced a return to foreign currency purchases in order to replenish its international reserves in the amount of $100-200 mn per day.
It was proposed to differentiate unified agricultural tax rate
14 may 2015
A few days prior to the May holidays, The State Duma received a draft federal law on the differentiation of the unified agricultural tax (UAT) rate in the rage of 0-6%.
On creation of Free Trade Zone with China we can talk not earlier 2020
12 may 2015
Eurasian economic commission announced beginning of negotiations with the PRC on trade and economic cooperation agreement