Gaidar Institute survey says Russian bankers are fairly optimistic

Business daily Vedomosti.ru quotes the results of the survey performed by the Gaidar Institute, indicating a moderate optimism among the largest Russian banks regarding the growth of lending in 2013. The survey included 52 top managers from the group of 100 largest Russian banks, including Sberbank and VTB. Although the corporate lending growth rate fell from…

Communal infrastructure in Russia leaves a lot to be desired

Last week, business daily Vedomosti.ru reported on a study performed by the Russian Engineers’ Association on the state of Russian public services infrastructure, which found that as much as 11 percent of all households in urban areas do not have running water, while almost 20 percent of them don’t have hot water. Even more worrying than…

The revolution is over: Internet-commerce volumes declined at the end of 2012

Yesterday’s daily Slon.ru referred to a study performed by the National Research Institute of the Higher School of Economics that analyzed the situation in the Russian retail sector. Focusing on the capital city in particular, the study found that more than 25 percent of all retail businesses in the Moscow region reported a decrease in turnover during…

Russian Central Bank leaves the base rate unchanged, levels mandatory reserve requirements

Today’s business daily Vedomosti reports that the Russian Central Bank decided to leave the base refinancing rate unchanged at 8.25 percent and moved to introduce a single mandatory reserve rate of 4.25 percent for all categories of lending. Before the Central Bank’s decision, provisioning requirements for ruble-denominated loans to citizens differed from those for corporate lending – the…

Russian tendency to rely on the Government undermines economic potential

Last week, Russian business daily Vedomosti.ru reported on the poll performed by the Sberbank’s Center for Macroeconomic Research and the analytical center “Levada” to determine how certain psychological factors influence financial decisions of Russian citizens. Some of the considered factors were interpersonal trust, perceived control over and responsibility for own living conditions, as well as…

Russia’s top banks enjoy hefty net income growth

Today’s business daily Vedomosti reports on the financial results of the 30 largest Russian banks for the past year. According to the figures provided by the Russian Central Bank, combined net profit of the 30 largest Russian banks in 2012 increased by 20.4 percent compared to 2011, to 795.3 billion rubles (USD 25,3 billion). The combined net…

VIP perks enjoyed by banks’ clients might become subject to VAT

Today’s business daily Vedomosti.ru reports that the bank clients with premium credit cards could end up paying the 13 percent VAT for the benefits they enjoy as privileged clients. The lawsuit filed by the Tax Administration accuses Citibank of failing to report that its VIP clients used incentives such as free access to airport VIP lounges….