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21.08.2022 11:45 Russian inflation falls again to 14.9% in August, fears of a deflationary spiral grow

Russia`s inflation fell 0.13% week on week for the period 9-15 August to an annualised rate of 14.9%, RosStat reported on August 18. Inflation remains high but is being driven lower by a precipitous fall in food prices that has led some economists to worry that Russia runs the danger of falling into a deflationary spiral that could last for years. The imposition of a massive package of sanctions by the West has slowed growth, resulting in falling demand. If the population gets to the point where inflation expectations turn negative and they expect prices to fall in the future, then that has the effect of reducing demand further and those expectations become a self-fulfilling prophecy. Deflationary spirals are destructive and can last for years.

14.08.2022 12:24 Annual inflation in Russia fell to 15.1% in July

Annual inflation in Russia fell to 15.1% in July 2022 from 15.9% in the previous month and below market expectations of 15.3%, Rosstat said on August 10. Currently, Russia is the only country in Europe where inflation is coming down thanks to decisive action by the Central Bank of Russia (CBR). The bank urgently raised the rate to 20% on February 28. As inflationary pressures eased, the CBR cut rates four times to 8%, down from 8.5% at the beginning of the year. However, not all the news was so good, as inflation began to decline also due to deep deflationary pressure in some categories of fruits and vegetables. This led economists to say that inflation will start to rise again with the onset of autumn.

08.08.2022 21:58 Bank CentroCredit announces connection to CIPS

Recently, CentroCredit Bank announced its connection to the Chinese settlement system CIPS (Cross-border Interbank Payment System). This was done so that the bank could continue to support its clients working with partners from China in export-import transactions. "In the spring of this year, we connected to the Chinese settlement system CIPS," Andrey Tarasov, Chairman of the Board of Directors of CentroCredit Bank, told reporters.

04.08.2022 15:18 Chairman of the Board of Directors of Centrocredit Bank spoke about his collection of securities

Antique securities, what are they? Andrey Tarasov, the head of the Centrocredit Bank, told about this in an interview with journalists, whose collection over the past twenty years has become one of the largest in Russia. According to A. Tarasov, his passion for pre-revolutionary securities began in 2000, when his wife gave him a share of the Theological Mining Society, issued in 1913. He and his partners then dealt with the securities of enterprises in the Urals. It seemed to me that this is a serious and noble cause, the banker said. Since then, he has devoted part of his time to the creation of the return to Russia of these historical and cultural values and the creation of a collection.

18.07.2022 20:19 Bank Centrocredit issued the first bank guarantee in yuan

In July, CentroCredit Bank issued the first yuan-denominated bank guarantee, equivalent to almost 400 million rubles, for a deal to supply raw materials to be used in the production process at one of Russia`s largest oil refineries. Thus, - noted Andrey Tarasov, - our bank`s client, an importer of chemical products from China and Southeast Asia, will soon be able to supply the customer with a catalytic system necessary for the production of high value-added products.

12.07.2022 19:05 Inflation in Russia fell in June for the third month in a row

Russia`s consumer price inflation (CPI) fell for the third month in a row to 15.9% year on year in June, down from a peak of 17.8% in April, RosStat reported on July 8. Inflation was rising steadily following the start of the coronavirus (COVID-19) pandemic, driven up by disrupted supply chains and soaring food prices. However, inflation took another step up in March. The fast action by the Central Bank of Russia (CBR) and an emergency doubling of rates to 20% on February 28 seems to have been effective and quickly quashed the inflationary pressures from the steep devaluation of ruble. Inflation expectations amongst the Russian population have been falling quickly since then, although remain elevated. The receding inflationary pressure in the last months has allowed the CBR to cut rates four times in three months to bring them back down to the level of 9.5% on June 10. More cuts are anticipated and the CBR predicts that inflation will return to its target level of 4% in 2023.

30.06.2022 07:21 Centrocredit Bank will not pay dividends for 2021

The General Meeting of Shareholders of Centrocredit Bank was held in Moscow on June 28, 2022. During the meeting, the shareholders approved the main performance indicators of the bank in the reporting year, approved the profit and loss statement, the balance sheet, as well as the report on the results of financial and economic activities. It was noted that at the end of 2021, the net profit of the credit institution amounted to 1.8 billion rubles. An important decision of the shareholders was not to direct part of the profits of Centrocredit Bank, formed at the end of 2021, to the payment of dividends to shareholders. The decision was dictated by the recent corresponding recommendation of the Central Bank of the Russian Federation, issued against the backdrop of changed macroeconomic conditions.

03.06.2022 17:27 Russia`s manufacturing PMI was back in positive territory in May

The S&P Russian manufacturing PMI was back in positive territory in May posting an expansion of 50.8, up from 48.2 in April as the chart shows. Any number above the no-change 50 indicates an expansion. Slower declines in output, new orders, employment and stocks of purchases all helped to boost the seasonally adjusted Russia Manufacturing Purchasing Managers` Index to 50.8 in May, up from 48.2 in April, to signal a renewed upturn in the performance of the Russian manufacturing sector, S&P said in a note. Longer lead times, ordinarily a sign of improving demand conditions but driven by sanctions and logistics delays here, also contributed positively to the latest index reading.

12.05.2022 14:43 Inflation in Russia slowed down in early May

For the second week in a row, inflation has been lowering in Russia. So for 7 days before May 6, the figure was only 0.12% - the minimum value since the beginning of the year. Such data are provided by Rosstat. The decrease in inflation is associated with sluggish consumer demand, which is negatively affected by uncertainty and sanctions. The prices of some vegetables, such as cucumbers and cabbage, as well as chicken eggs, have fallen. A week earlier, the value of inflation was almost twice as high - 0.21%. The Bank of Russia is phasing out the emergency interest rate hike it made to support the ruble following the imposition of tough economic and financial sanctions by the US and its allies over the events in Ukraine. The key rate was cut to 14% from 17% at the end of April to ease the situation for the economy, which is already in a recession.

12.04.2022 14:47 The World Bank predicts the contraction of the Russian economy in 2022

According to a new World Bank (WB) report published on April 10, Russia`s economy will shrink by 11.2% in 2022 amid economic sanctions imposed against the country. In 2023 and 2024, it is projected to increase by 0.6% and 1.3%, respectively. Investment in Russia will fall by 16.9%, exports of services and goods will fall by 30%, imports will decline even more, by 35.2% year on year. Consumer inflation will be 22%, and the number of people living below the poverty line will increase from 11% to 12.8%. In 2021, Russia`s GDP growth reached 4.7% after declining by 2.7% in 2020. The state budget returned to a surplus of 0.8% of GDP. The current account surplus widened to $120 billion, higher than in 2019, as commodity prices rose and outbound tourism remained subdued. By the end of 2021, the main concern was consumer price inflation, which reached 8.4% year-on-year in December.


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