On October 7, 2013, the President of the Russian Federation submitted to the State Duma the draft law "On Amendment of the Constitution of the Russian Federation "On the Supreme Court of the Russian Federation and the Prosecutor's Office of the Russian Federation"" (hereinafter, the draft law).
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The Central Bank of Russia will Enter the Foreign Exchange Market Only in Case of Dramatic Changes in the Exchange Rate
09 october 2013
On October 8, the Central Bank of Russia reported that from October 7 it expanded from Rb 1 to Rb 3.10 the "neutral" band of the operating interval of the permissible values of the ruble cost of the bi-currency basket.
The Worst Thing that May Happen is a Technical Default
08 october 2013
The US will reach the current upper limit of borrowings ($16.7 trillion) by October 17.
The Draft of the Federal Budget was Submitted to the State Duma
04 october 2013
On October 2, on the site of the State Duma placement of documents and materials provided by the government simultaneously with the draft federal budget in accordance with the Budget Code was completed.
The Ratio Between the Volume of New Consumer Loans and Costs Amounts to 30%
03 october 2013
In August 2013, the volume of individuals' loan debt to banks rose by Rb 234bn or 2.4%. On the basis of the outputs of the month, the annual growth rate fell to 31.7%.
Land Tax Should not Be an Instrument of Land Use Regulation
01 october 2013
On August 1, 2013, nearly a month before opening of the autumn session of the State Duma the Government of the Russian Federation submitted for the debates in the lower house of the parliament an initiative as regards specification of the rates of the land tax1.
Improvement in Expectations of Economic Agents Cannot be Expected
27 september 2013
On September 27, The Problems of the Russian Economy: Political and Economic Outlook Conference under the auspices of the Association of Independent Centers for Economic Analysis was held in Moscow. Participants in the conference discussed key social and economic issues of the Russian economy, as well as challenges and limitations faced by the current economic policy pursued by the government.
Banks May lose a High-Yielding Segment of the Money Market
26 september 2013
The Ministry of Finance of the Russian Federation supported the other day the idea of limiting the rates on unsecured retail loans in the amount of 30% of the average market rate.
WTO projects slower growth rates for the world trade
26 september 2013
In September 2013, the World Trade Organization (WTO) downgraded its projection1 for growth in global trade volumes of goods for 2013 and 2014 as compared to its projection made in April 2013.
World Bank’s pessimism about economic growth prospects in the Russian Federation is quite predictable
25 september 2013
On September 25, 2013, the World Bank (WB) downgraded its projection for Russia's GDP growth in 2013 to 1.8% fr om 2.3% (the latest projection was made in June 2013). In 2014 the WB projects the Russian economy to grow 3.1% against previous 3.5%.
Russia’s industrial sector in January – August 2013
18 september 2013
According to Rosstat's (Federal Service of State Statistics) data, the dynamics of Russia's industrial sector in the period of January thru August 2013 were balancing between stagnation and recession.
Current adverse economic situation should come as no surprise to anyone
18 september 2013
18 September Head of the Ministry of Economic Development Russian Federation Aleksei Ulyukayev stated at a "government hour" at the State Duma that "...we haven't seen such an adverse economic situation over the past five years since the beginning of the latest crisis."
Simplified procedure for registration with tax authorities of foreign organizers of the Olympic Winter Games in Sochi
16 september 2013
The Federal Tax Service of Russia has prepared a Draft Order "On the Approval of the Form of Notification of Registration With a Tax Authority of Organizations Acting as Foreign Organizer of the XXII Olympic Winter Games and XI Paralympic Winter Games of 2014 in Sochi."
Bank of Russia goes further to make exchange-rate regime more flexi
16 september 2013
13 September Bank of Russia publishes its draft "Guidelines of the Unified Public Monetary Policy for 2014 and the Period of 2015 and 2016". The Bank of Russia plans, like it did previously, to complete the transition to inflation targeting regime by 2015.
Key interest rate to become main indicator of the monetary policy
13 september 2013
Bank of Russia's Board of Directors made a decision at its regular meeting held on September 13, 2013 to implement a package of measures aimed at enhancing the system of monetary policy instruments.
Higher risk ratio increases customer base of microfinance institutions
12 september 2013
Additional risk ratios regarding expensive unsecured retail loans have been in effect since July 1, 2013.