EMerging Equity
Central Bank of Russia
Vladimir Putin: Meeting With Governor Of The Central Bank Elvira Nabiullina
Vladimir Putin met with Governor of the Central Bank Elvira Nabiullina to discuss the banking sector’s work over the first half of 2015. By The Kremlin Ms Nabiullina also spoke about progress on establishing the national payment system and national rating agency. * * * President of Russia Vladimir Putin: Ms Nabiullina, the Central Bank is doing a lot to strengthen the national currency, or at least, to keep it stable and maintain … Continue reading
Russia Reduces Key Interest Rate To 11% – The Central Bank Says Economic Growth Is A Priority
The Central Bank of Russia (CBR) has cut the key interest rate from 11.5% to 11.0% citing growth as a priority. The rate cut is already the 5th consecutive one this year. Last Friday, the Central Bank of Russia (CBR) said in a statement the following: Major macroeconomic indicators demonstrate further economy cooling. The Bank of Russia estimates GDP decrease … Continue reading
U.S. Weighing Expulsion Of Russia From SWIFT Interbank Payment System
The U.S. Treasury Department is still evaluating and discussing the impacts of expelling Russia from the SWIFT interbank payment system, U.S. Treasury Assistant Secretary for International Finance Ramin Toloui said at a U.S. Senate Foreign Relations Committee hearing on Tuesday. During the Committee hearing, U.S. Senator Marco Rubio asked the panel that if Russia was to violate the Minsk Protocol, what the … Continue reading
Russia Increases Gold Purchases By 123%
The Central Bank of Russia bought a record amount of gold in the first 11 months of 2014 spending an estimated $6.1 billion. Increasing gold reserves attempts to reduce dependence on the dollar amid geopolitical tension, Mark O’Byrne of GoldCore, told RT. Russia’s gold purchases accounted for a third of the world’s total of 461 … Continue reading
Medvedev: Russia Won’t Abandon Ruble Free-Float
Russia’s currency will continue to free float, despite the major damage incurred by sanctions and oil, Prime Minister Dmitry Medvedev said, supporting the Central Bank’s decision made in November. “The government will not reject the ruble’s free float,” the Prime Minister said at the sixth Gaidar Forum, being held in Moscow January 14-16. “Of course, … Continue reading
Ruble Plummets Losing More Than 20% In A Day, Hitting New Dollar And Euro Lows
No end seems to be in sight for the plight of the Russian ruble, which slumped to new record lows against hard currencies Tuesday. The EUR traded at 99.56 against the ruble, and the USD at 79.17. At the time of publication the official website of the Moscow Exchange wasn’t available, the data comes from … Continue reading
Central Bank Of Russia Tries To Destroy Russian Economy?
The Western community has been putting a lot of pressure on Russia lately. At this time of history, Russia needs to take efforts to support the real sector of economy. It is the Central Bank that should play the key role at this point. However, as economists note, it is the Central Bank that shows … Continue reading
Ruble Is Now Truly Floating
By BNE IntelliNews During the worst of the ruble’s plunge in recent weeks traders were completely wrong-footed: they expected the Central Bank of Russia (CBR) to step in and defend the national currency’s value, but it did nothing. “Where is the CBR?” lamented Tim Ash, head of emerging markets research at Standard Bank, as the ruble fell … Continue reading
Russia’s Banks Struggle As Sanctions Bite
By BNE IntelliNews Profits are tumbling amongst Russia’s leading banks as the financial sanctions imposed by the West really begin to bite. Almost all of Russia’s retail-orientated banks are currently losing money and 170 of 828 banks were in the red in October 2014, according to the Central Bank of Russia (CBR). The bad news is … Continue reading
Russia To Have Its Own International Inter-Bank System By May 2015: CBR
Russia plans to launch its own international inter-bank system by May 2015. The country desperately is trying to detach from the international system in order to gain more independence and wants to be prepared for the worst case scenario in case of possible ”challenges” from the West. “Given the challenges, Bank of Russia is creating its … Continue reading
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