Rosinterbank Folds and Buries Data on 3000 Clients

Russian business daily Vedomosti reports that approximately 3,000 Rosinterbank’s clients with 5 billion rubles (USD 80.4 million) in deposits might not be able to get their money from the Russian Deposit Insurance Agency after the breakdown of their bank. These clients opened or topped their accounts after July 18, the date on which the Agency…

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…

Industrial output shortfall disturbs Russia’s bright economic future

Today’s Novaya Gazeta reports on the recently published data by the Russian Statistical Bureau, indicating that the industrial output grew by a mere 2.6 percent in 2012, which is less than the Ministry of Economy’s humble projection of 3.2 percent. What is more interesting is that the Russian Central Bank, known for its resistance towards loosening of…

The return of the Central Bank

Today’s Vedomosti.ru report that the Russian Central Bank sold 5.2 billion rubles (USD 169.4 million) on January 9, the first day of trading in 2013. The intervention was caused by the sliding of the USD/RUB rate to below 30.5. This is the first intervention by the Central Bank since November 19, 2012 and the first…

Russia’s inflation firmly anchored in a single-digit range

Kommersant.ru reports that the inflation in 2012 was one of the lowest in Russia’s history. According to the preliminary data published by the Russian Statistics Bureau, consumer prices increased by 6.6 percent in 2012. The Government planned to keep the inflation at the all-time low of 6 percent (already registered in 2011), but the plan was…