The Lastest Macroeconomic News
15.12.2024 18:41 Inflation in Russia amounted to 1.4% in November 2024
In November 2024, inflation in the Russian Federation exceeded analysts` forecasts and amounted to 1.4% compared to the previous month after 0.8% a month earlier. The annual rate reached 8.9%, which is 0.3% higher than a month earlier. From the beginning of the current year to November, consumer prices grew by 8.1% against 6.6% for the same period in 2023. This was reported by Rosstat this week. Analysts on average predicted a 1.4% increase in the CPI.
22.07.2024 15:52 Andrey Tarasov, head of CentroCredit Bank, spoke about the Mayevsky Takeoff festival
On May 18, the Mayevsky Takeoff festival was held in Alferovo, Moscow region. This event is annual, takes place at the aviation training base of the Moscow Aviation Institute (MAI) and traditionally attracts a large number of participants from different parts of our country. At the origins of the idea of this youth festival was the MAI alumni club. Andrey Tarasov, one of the institute`s graduates in 1982, and now the Chairman of the Board of Directors of CentroCredit Bank, told our correspondent about the features of the festival. One of the goals of the May Takeoff festival is to develop the environmental aspect in aviation, and the project popularizes alternative fuels. One of the alternative solutions, according to the shareholder and head of one of the oldest domestic banks, is electricity. The use of high-capacity batteries in aviation, as well as solar panels on the body and wings of an aircraft, is not far off.
18.07.2024 17:07 CentroCredit Bank organized an exhibition of ancient Russian securities
Unique securities of the Russian Empire and Soviet times were presented for everyone to see at the offices of Centrocredit Bank. The exhibition took place from July 1 to July 15, was dedicated to the 35th anniversary of the credit institution and attracted a large number of both experts in the financial history of our country and ordinary people. It featured stocks and bonds from the collection of Andrey Tarasov, one of the two main shareholders and head of the bank. Of course, particularly rare papers that have survived to this day thanks to the efforts of the banker attracted particular interest. In addition to stocks and bonds, among the exhibits one could see mortgage notes and temporary certificates, as well as papers related to prominent figures of the past. The exhibition gave visitors and, above all, people directly related to the banking industry a unique chance to look into the wonderful world of our financial past and discover many interesting facts.
18.09.2023 16:54 Global demand for uranium to rise 28% by 2030 in a business dominated by Russia
The World Nuclear Association (WNA) has released a report forecasting a significant increase in the global demand for uranium in nuclear reactors through to 2030. The report forecasts a 28% rise in demand by 2030 and nearly doubling by 2040 as governments worldwide expand nuclear power capacity to meet zero-carbon goals. However, uranium is fast becoming the new gas, as Russia`s state-owned Rosatom dominates the business of nuclear fuel and accounts for about half of global supplies. While many countries mine raw uranium, including Kazakhstan, Uzbekistan and Niger, Russia not only mines uranium, it is the global leader in processing it to produce the burnable Uranium 235 isotope, also known as “yellow cake.” That gives Russia new energy dependency to sell to replace its fading gas business. Russia¸s nuclear exports are booming and as it also offers financing for construction of its state of the art nuclear power plants (NPPs) emerging market countries are rushing to sign up for Russian nuclear power plant construction projects. There are some 40 projects either being built or negotiated around the world today.
17.06.2023 16:37 Consumer inflation in Russia accelerated slightly in May and the first half of June
In May, annual inflation in Russia grew slightly compared to the previous month and amounted to 2.5%. This was announced by Rosstat in early June. Earlier, the Central Bank of the Russian Federation said that inflationary pressure is gradually increasing, and the regulator may have to increase the key interest rate in the coming months. In April, inflation was at the level of 2.3%. A year earlier, Rosstat recorded double-digit inflation, when prices soared amid a depreciation of the ruble due to the imposition of sanctions by the EU and the United States against Russia. This has created a high base effect this year, which has slowed the CPI up significantly and pushed inflation below its target of 4%. On a monthly basis, inflation in May amounted to 0.3% after 0.4% a month earlier. At the same time, the June figure may be slightly higher - for the period from June 1 to June 13, consumer prices rose by 0.2%. From the beginning of the year to June 13, inflation has already amounted to 2.6%, and the annual value of the indicator has reached 2.9%.
09.06.2023 12:37 Russia posted solid economic results in May
According to recent data from Rosstat, economic trends in Russia in May were positive in various sectors. They have shown growth in agricultural production, metal production, freight wagon production, etc. as the initial shock from the sanctions wears off and the economy begins to get a boost from production. Indeed, Russia`s economic performance over the past few months has been so strong that in its latest report, the Central Bank of the Russian Federation expressed concern about a possible overheating of the economy. In April, agricultural production in Russia rose significantly by 3.2%, partly thanks to a record harvest in 2022. Metallurgy, a key sector in Russia, recorded a notable 4.8% increase in production in April, helped by the fact that it is one of the less sanctioned sectors.
08.06.2023 16:11 Russia`s GDP growth rate will be approximately 1% in 2023
Finance Minister Anton Siluanov said this week that in 2023 Russia`s GDP growth rate will be about 1%, while household incomes will increase. The Minister noted that the budget obligations of the state are fully implemented. The economy will continue to grow, he said. The real incomes of the population of the Russian Federation, according to A. Siluanov, began to recover from the end of 2022, and this trend will continue this year. The main merit for the Russian government, the minister considers the achievement of such a result, in which people do not feel the impact of sanctions to a large extent, and the standard of living in general remains no lower than before the introduction of restrictions. A balanced budget policy, the right industrial strategy, the accumulation of reserves in the NWF, as well as measures to support people helped stop the fall in GDP last year and have a positive effect on the Russian economy at the present time.
25.05.2023 18:35 The Russian economy shrank by 1.9% in the first quarter of 2023
Russia`s GDP decreased by 1.9% in the first quarter of 2023 compared to the same period last year. The growth rate a year earlier amounted to 3.0%. Such data were reported by Rosstat in mid-May. Initial expectations of a double-digit collapse of the Russian economy against the backdrop of sanctions imposed by the West in February 2022 were not confirmed, but still a slight reduction occurred. Earlier this month, the Ministry of Economy estimated a 2.2% decline in GDP in the first quarter, while the Central Bank of the Russian Federation was even more pessimistic - a decline of 2.3%. In the fourth quarter of 2022, according to Rosstat, the indicator decreased by 2.7%. In the reporting period, the decrease in economic activity was caused by a reduction in wholesale and retail trade. Agriculture, manufacturing and especially construction, on the contrary, showed good growth.
14.05.2023 17:12 Annual inflation rate in Russia fell to 2.3% in April
Against the background of the underlying effect of rising consumer prices last spring, annual inflation in the Russian Federation fell to 2.3% in April, which is significantly below the Bank of Russia`s target of 4.0%. Such data were published by Rosstat on May 13. A little over a year ago, in February 2022, inflation accelerated sharply to 20% against the backdrop of Western sanctions. Since then, it has been gradually declining to current levels. The April inflation rate was more than one and a half times lower than in March - 3.5% and turned out to be more than four times lower than the value at the beginning of the year - 10%. At the same time, according to Rosstat, and earlier on the same topic, statements by the Central Bank of the Russian Federation were made, inflationary pressure in the economy remains against the background of the weakening ruble and the budget deficit, and in the coming months the figure is likely to grow. As a result, the regulator kept the key rate at 7.5%, even allowing it to be increased in the future if necessary.
26.04.2023 14:34 CentroCredit Bank`s credit rating has been affirmed at `ruBB`
Credit rating is very important for any bank. It is a benchmark for counterparties, as well as for customers, shows how much the bank can be trusted, including in difficult economic conditions. The higher the rating, the more stable the credit institution is. The rating characterizes the work of the bank`s management, and a worthy indicator indicates that it is possible and necessary to cooperate with the bank. In this vein, Centrocredit Bank is quite successfully coping with its tasks. As Andrey Tarasov, Chairman of the Board of Directors of CentroCredit Bank, told our correspondent, the bank`s credit rating regularly calculated by the Expert RA rating agency was affirmed at ruBB with a stable outlook. The indicator was achieved in the context of a difficult economic situation in the last year, against the backdrop of volatility in exchange rates and a decline in a number of sectors of the domestic economy. The management of the credit institution as a whole evaluates the preservation of the rating as a success, however, in the future it will strive to improve performance and further progressive development of the credit institution.
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