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    Russian Economy General News: #2

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    sepheronx
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    Re: Russian Economy General News: #2

    Post  sepheronx on Mon Sep 29, 2014 10:05 pm

    Indian gas company drops from yamal lng share purchase.

    Hmm kinda strange since they are in desparate need of gas. Wonder if Modis arm is being twisted? Doubt it though since they are working with Russia on multitude of other projects. Maybe they are worried about it not succeeding?

    Hannibal Barca
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    Re: Russian Economy General News: #2

    Post  Hannibal Barca on Mon Sep 29, 2014 10:40 pm

    Austin wrote:
    magnumcromagnon wrote:
    sepheronx wrote:
    Austin wrote:I think the present worry is how to take care of falling rouble , the basket is close to CB intervention which means more USD from forex will be spent in supporting Rouble or CB will raise interest rates to support rouble or both in some measures

    Only purging CB will help. They are fucking the Ruble as you may have noticed. Who cares if it is a certain amount to USD. They barely trade to US and are getting rid of their USD. Only thing left are the idiots at CB who are causing damage by worrying about Ruble value to USD. Well, them and yourself.

    Nationalizing the central bank and restoring capital and exchange controls is what they need to do!

    If they can restore capital control that would be good thing to do , Not a good time to make Rouble full convertable by Jan 2015 which is what CB is targetting.

    If they can stabalise the rouble then thats half the economy problem they would solve.

    I just hope Rouble does not go in a free down ride as India experience with its Rupee Fall a year back.


    Ruble will fall further. Probably close to 50 rubles per dollar. Russia is a country with a huge trade surplus,a raw material provider and a need for a domestic industrial economy.
    Makes sense.

    magnumcromagnon
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    Re: Russian Economy General News: #2

    Post  magnumcromagnon on Tue Sep 30, 2014 3:46 am

    China’s Suifenhe to increase investment in Russian economy to $200 mln in 2014
    The Russian side is also investing in Suifenhe’s economy

    SUIFENHE (China), September 28. /ITAR-TASS/. Investments by the southeastern Chinese city of Suifenhe in the Russian economy will rise by 8% in 2014 to $200 million, the Suifenhe deputy mayor said on Sunday.

    “This year, we can state the successful development of some investment projects. Among them, we can highlight $3 million investment in the construction of a flour mill in Ussuriisk [the Russian Far East], and also projects in the timber industry, agriculture and coal production,” the Suifenhe deputy mayor said.

    “Therefore, the volume of our investment in Russia will rise by 8% to $200 million,” he said.

    The Russian side is also investing in Suifenhe’s economy, head of the department for attracting investment to the Suifenhe economic cooperation border area Wei Lintao said.

    “At present, the construction of a Russian-Chinese furniture factory is under way. Investment totals 600 million yuans [$97.93 million]. The factory is expected to be launched in October this year,” the Suifenhe investment official said.
    Another Russian company plans to accommodate a logistics base on an area of 25,000 sq m in Suifenhe to promptly deliver Chinese goods to Russia, the Chinese official said.

    “This investment will total 115 million yuans [$18.77 million] and the launch of the company is scheduled for 2015,” he said.
    Also, the Suifenhe authorities are currently examining a request filed by a Russian-Chinese company for acquiring production premises, Wei Lintao said.

    Meanwhile, the deputy head of the Suifenhe automobile checkpoint on the border with Russia said on Sunday that the checkpoint’s capacity would be increased tenfold by 2015 to 5.5 million tons of cargoes and 6 million people annually to boost bilateral trade.

    The reconstruction of the Suifenhe border crossing started in 2011. The checkpoint’s modernization envisages expanding its automobile lanes from the current four to 24 to reduce the time of the passage of trucks and passenger buses across the border, the automobile checkpoint official said.

    “We hope that the checkpoint’s reconstruction will turn Suifenhe into the main point of the transit of Chinese goods to Russia and the number of Russian tourists to China will increase significantly,” the Suifenhe checkpoint deputy head said.

    http://en.itar-tass.com/economy/751733

    ...Any development of Russia's Far East is always good news! So now the official total sum of deals struck between Russia and China in 2014 is $600 billion 200 million or $600.2 billion USD.

    sepheronx
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    Re: Russian Economy General News: #2

    Post  sepheronx on Tue Sep 30, 2014 5:19 am

    Economists in Russia have differing opinions but it comes down to one single problem - lack of long term, low interest rate loans. Which I agree, in this case, Russia needs to get rid of CB or take it over to be able to force it. Now, is there a way they can circumvent CB policies? Like for instance, allowing banks to decide individually to give long term low interest rate loans? Like VTB bank or Gazprombank?

    They should give ultimatum to Sberbank about getting those foreign reserves back into Russia. That is $500B that could be used for improving domestic manufacturing.

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    Re: Russian Economy General News: #2

    Post  Werewolf on Tue Sep 30, 2014 5:25 am

    sepheronx wrote:Economists in Russia have differing opinions but it comes down to one single problem - lack of long term, low interest rate loans.  Which I agree, in this case, Russia needs to get rid of CB or take it over to be able to force it.  Now, is there a way they can circumvent CB policies?  Like for instance, allowing banks to decide individually to give long term low interest rate loans?  Like VTB bank or Gazprombank?

    They should give ultimatum to Sberbank about getting those foreign reserves back into Russia.  That is $500B that could be used for improving domestic manufacturing.

    A few T-90 tanks infront of CB, monitoring of all employees and chefs, arresting the head of CB, if they refuse then execution as enemy of the state, because that is exactly what a private bank is.

    There is always one thing in life that is always the same, be it in this universe or some parallel universe, power is right, you learn it on the school yard, you learn it in military life, in civil job and you see it daily on global stage when mighty countries bully smaller one. Might is right, those apes in the CB treat others like this is the jungle so lets show them who is the king in the jungle. Doesn't matter how rich someone is, true patriots don't take money for selling out own country and death effects everyone. They bow down to the government or will face some T-90s.

    magnumcromagnon
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    Re: Russian Economy General News: #2

    Post  magnumcromagnon on Tue Sep 30, 2014 5:41 am

    Werewolf wrote:
    sepheronx wrote:Economists in Russia have differing opinions but it comes down to one single problem - lack of long term, low interest rate loans.  Which I agree, in this case, Russia needs to get rid of CB or take it over to be able to force it.  Now, is there a way they can circumvent CB policies?  Like for instance, allowing banks to decide individually to give long term low interest rate loans?  Like VTB bank or Gazprombank?

    They should give ultimatum to Sberbank about getting those foreign reserves back into Russia.  That is $500B that could be used for improving domestic manufacturing.

    A few T-90 tanks infront of CB, monitoring of all employees and chefs, arresting the head of CB, if they refuse then execution as enemy of the state, because that is exactly what a private bank is.

    There is always one thing in life that is always the same, be it in this universe or some parallel universe, power is right, you learn it on the school yard, you learn it in military life, in civil job and you see it daily on global stage when mighty countries bully smaller one. Might is right, those apes in the CB treat others like this is the jungle so lets show them who is the king in the jungle. Doesn't matter how rich someone is, true patriots don't take money for selling out own country and death effects everyone. They bow down to the government or will face some T-90s.

    It would be interesting how the West would react to that, considering how they justified it when Yeltsin did virtually the same exact thing.

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    Re: Russian Economy General News: #2

    Post  Austin on Tue Sep 30, 2014 3:43 pm

    The Cabinet of Ministers of the Russian Federation will submit to the Duma a draft federal budget for 2015-2017 years

    The draft budget was imposed on the basis of macroeconomic forecast, involving the restoration of high growth rates in this three-year plan: GDP growth to 1.2% in 2015, and then to 3% in 2017.

    http://ria.ru/economy/20140930/1026166311.html

    MOSCOW, Sept. 30 - RIA Novosti. Government of Russia will make the approval of the State Duma a draft federal budget for 2015 and the planning period of 2016 and 2017, with a planned deficit of 0.6% of GDP in three years.


    The draft budget was imposed on the basis of macroeconomic forecast, involving the restoration of high growth rates in this three-year (GDP growth to 1.2% in 2015, and then to 3% in 2017). In 2014, the figure was 0.5%.


    By the end of 2014, inflation is expected to reach 7.5% (against 6.5% in 2013). According to forecasts, this figure would drop to 5.5% by 2015. By 2017, inflation will be 4%.


    Revenues, expenses, deficit


    According to the document, the budget revenues in 2015 will amount to 15.082 trillion rubles (19.5% of GDP), expenses - 15,513 trillion (20% of GDP), the deficit - 430.7 billion.


    2016 planned revenues 15,796 trillion rubles (19% of GDP), the cost of -16.272 trillion (19.6% of GDP), the deficit - 476.3 billion.


    On the revenue side in 2017, it is expected that the budget will receive 16,548 trillion rubles (18.4% of GDP). Costs would amount to 17,089 trillion rubles deficit -540.9 billion (19% of GDP).


    Fuel formed under the "fiscal rule", on the basis of which the base oil price of 96 dollars per barrel in 2015-2017. The price of Urals crude in the years 2015-2017 is projected at $ 100 per barrel. In 2014, oil was trading at $ 104.


    Loans and advances from privatization


    The budget deficit will be covered through government loans and privatization proceeds. For example, in 2015 the Ministry of Finance expects to attract the domestic market of more than 1 trillion rubles, and in 2016 and 2017 - 799.2 billion and 929.2 billion rubles, respectively.


    Nevertheless, despite the geopolitical situation, Russia still plans to make external borrowing by $ 7 billion annually in 2015-2017.


    If we talk about privatization, it is planned that the federal budget will receive 158.5 billion rubles in 2015, in 2016 - 99.9 billion rubles. As for 2017, that while the privatization program has not been approved, so the draft federal budget planned only 3 billion rubles.


    Funds


    According to the document, replenishment of the Reserve Fund will be for three years at a minimum. Thus, due to exchange rate differences the fund will grow slightly by the end of 2017 to 3.692 trillion rubles from 3.5 trillion at the end of 2014.


    However, as noted by the Ministry of Finance, the Planning Period risks remain shortfalls in non-oil revenues, revenue from privatization, as well as risks related to borrowings. Therefore, according to the agency, the amount of the Reserve Fund may be reduced by the end of 2017 to 2.205 trillion rubles, if these fears are confirmed.
    National Welfare Fund will increase to 3.334 trillion rubles by the end of 2017 with 3,189 trillion rubles at the end of 2014, according to a draft budget.



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    Re: Russian Economy General News: #2

    Post  Austin on Tue Sep 30, 2014 3:44 pm

    The Cabinet of Ministers of the Russian Federation will submit to the Duma a draft federal budget for 2015-2017 years

    The draft budget was imposed on the basis of macroeconomic forecast, involving the restoration of high growth rates in this three-year plan: GDP growth to 1.2% in 2015, and then to 3% in 2017.

    http://ria.ru/economy/20140930/1026166311.html

    MOSCOW, Sept. 30 - RIA Novosti. Government of Russia will make the approval of the State Duma a draft federal budget for 2015 and the planning period of 2016 and 2017, with a planned deficit of 0.6% of GDP in three years.


    The draft budget was imposed on the basis of macroeconomic forecast, involving the restoration of high growth rates in this three-year (GDP growth to 1.2% in 2015, and then to 3% in 2017). In 2014, the figure was 0.5%.


    By the end of 2014, inflation is expected to reach 7.5% (against 6.5% in 2013). According to forecasts, this figure would drop to 5.5% by 2015. By 2017, inflation will be 4%.


    Revenues, expenses, deficit


    According to the document, the budget revenues in 2015 will amount to 15.082 trillion rubles (19.5% of GDP), expenses - 15,513 trillion (20% of GDP), the deficit - 430.7 billion.


    2016 planned revenues 15,796 trillion rubles (19% of GDP), the cost of -16.272 trillion (19.6% of GDP), the deficit - 476.3 billion.


    On the revenue side in 2017, it is expected that the budget will receive 16,548 trillion rubles (18.4% of GDP). Costs would amount to 17,089 trillion rubles deficit -540.9 billion (19% of GDP).


    Fuel formed under the "fiscal rule", on the basis of which the base oil price of 96 dollars per barrel in 2015-2017. The price of Urals crude in the years 2015-2017 is projected at $ 100 per barrel. In 2014, oil was trading at $ 104.


    Loans and advances from privatization


    The budget deficit will be covered through government loans and privatization proceeds. For example, in 2015 the Ministry of Finance expects to attract the domestic market of more than 1 trillion rubles, and in 2016 and 2017 - 799.2 billion and 929.2 billion rubles, respectively.


    Nevertheless, despite the geopolitical situation, Russia still plans to make external borrowing by $ 7 billion annually in 2015-2017.


    If we talk about privatization, it is planned that the federal budget will receive 158.5 billion rubles in 2015, in 2016 - 99.9 billion rubles. As for 2017, that while the privatization program has not been approved, so the draft federal budget planned only 3 billion rubles.


    Funds


    According to the document, replenishment of the Reserve Fund will be for three years at a minimum. Thus, due to exchange rate differences the fund will grow slightly by the end of 2017 to 3.692 trillion rubles from 3.5 trillion at the end of 2014.


    However, as noted by the Ministry of Finance, the Planning Period risks remain shortfalls in non-oil revenues, revenue from privatization, as well as risks related to borrowings. Therefore, according to the agency, the amount of the Reserve Fund may be reduced by the end of 2017 to 2.205 trillion rubles, if these fears are confirmed.
    National Welfare Fund will increase to 3.334 trillion rubles by the end of 2017 with 3,189 trillion rubles at the end of 2014, according to a draft budget.

    magnumcromagnon
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    Re: Russian Economy General News: #2

    Post  magnumcromagnon on Tue Sep 30, 2014 7:34 pm

    Large Chinese fund to invest in Russian zinc-lead deposit
    Baikalruda, owned by Chinese mining company Baojin, has already invested around $100 million in the construction of an ore dressing plant



    MOSCOW, June 06./ITAR-TASS/. New Horizon Capital, one of China’s largest private investment funds, may invest $ 200 million in Russia’s Noion-Tologoiskoye zinc and lead deposit near the lake Baikal, a source close to the negotiations said.
    “The deal implies investments in the development of the Russian deposit with the participation of an experienced Chinese mining operator Baojin its branch is already investing in the project and the participation of a large international co-investor New Horizon Capital,” the source said.
    Baikalruda, owned by Chinese mining company Baojin, has already invested around $100 million in the construction of an ore dressing plant located near the deposit.
    The plant with an annual capacity of 500,000 tonnes of ore will be launched in 2014. The company plans to raise the capacity to 3 million tonnes per year, which requires $200 million in investment. The works will start in 2016.

    http://en.itar-tass.com/economy/735054

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    Re: Russian Economy General News: #2

    Post  Viktor on Tue Sep 30, 2014 7:48 pm

    Nice thumbsup

    China will increase its lending to companies and banks in Russia

    Russia could ditch US dollar in 2-3 years – head of Russia's #2 bank

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    Re: Russian Economy General News: #2

    Post  sepheronx on Tue Sep 30, 2014 9:46 pm

    Viktor wrote:Nice  thumbsup

    China will increase its lending to companies and banks in Russia

    Russia could ditch US dollar in 2-3 years – head of Russia's #2 bank

    Oh for fucks sakes. If they wanted to drop it, they could do it now. And seriously, Russia will never return to its former glory of power if they need FDI and fucking handouts from foreigners to survive. India relies on itself with an FDI of $20B. Russia is looking pathetic right now. They have all the resources, major manufacturers, and they need foreing money to survive.

    Doubt this purge will ever happen. Cause if it is, it should have been done years ago. Instead, still pussy footing around.

    I hope Russian economy tanks so that people revolt and overthrow government and Central Banl cronies. Cause they are fucking Russia over big time.

    What about that $500B foreign reserves? When is that, if ever, going to go back home? Or should Russians kiss that money goodbye? Cause they can give a ton of long term, low interest rate loans with such liquidity.

    Oh yeah, high interest on loans and the value of ruble against USD (completely controlled since Ukraine currency is higher than Ruble yet they produce nothing and in a war), which also means nothing since US / Rus trade is nill, is still dropping. CB goons need to be shot. And same with anyone who supports them. They are fucking up Russias sovergn future.

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    Re: Russian Economy General News: #2

    Post  GarryB on Wed Oct 01, 2014 2:43 am

    First of all how about a little bit less bad language.

    Second, you wish the Russian economy collapses and they have a civil war because you don't like their current banking system... so you are no better than the US neocons who likely wish the same for different reasons.

    I have noticed a lot of members wishing for the deaths and suffering of those that disagree with them... can't say I like it very much.


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    Re: Russian Economy General News: #2

    Post  zg18 on Wed Oct 01, 2014 2:55 am

    sepheronx wrote:Oh for fucks sakes. If they wanted to drop it, they could do it now. And seriously, Russia will never return to its former glory of power if they need FDI and fucking handouts from foreigners to survive. India relies on itself with an FDI of $20B. Russia is looking pathetic right now. They have all the resources, major manufacturers, and they need foreing money to survive.

    Show some understanding , it wasn`t Putin who integrated Russia with Western global system but those before him. Russia was to weak in early 2000s , to simply ditch it instead they used existing system to recuperate economy which was rational thing to do. Now they will detach from it , but will do it in orderly manner , which is also rational thing to do.


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    Re: Russian Economy General News: #2

    Post  magnumcromagnon on Wed Oct 01, 2014 2:44 pm

    Russian Central Bank rejects capital controls as ruble hits lowest level since 1998



    The ruble slid to a new record low of 39.71 against the dollar Tuesday. The Russian Central Bank has been quick to quash fears it would re-introduce capital controls to limit the amount of foreign currency purchases, or even moved outside the country.

    “Bank of Russia is not considering the introduction of any restrictions on cross-border capital flows as it was reported in some publications in the mass-media,” the bank said in a statement on Tuesday evening.

    The bank’s statement followed a report by Bloomberg News citing anonymous officials that the bank is considering imposing capital controls, as the ruble hit new historic lows.

    The Central Bank said it would intervene once the euro-dollar currency basket against the ruble reached a level of 44.4, which it reached on Tuesday before quickly retreating.

    Capital controls are a monetary tool by Russia’s key lender to restrict money flowing overseas, which in Russia is projected to reach $100 billion in 2014, nearly on par with the $120 billion that fled in 2008 when the financial crisis hit. In 2007 Russia had a positive net capital inflow.

    Andrey Kostin, Chairman and CEO of VTB, doesn’t believe that Russia will impose capital controls just yet, talking to CNBC at VTB’s annual investment forum ‘Russia Calling!’.

    “The basic issue now is whether the Russian leadership, under the circumstances, will switch to the model of a mobilization economy, and introduce the old mechanism of currency control, or they will stay on the principle of their open market economy. I think that is the big question that will be asked tomorrow,” Kostin said.

    Russia repealed capital controls in 2006, however last week Central Bank Chairwoman Elvira Nabiullina said that Moscow would consider “non-standard” mechanisms to ensure economic stability.

    Capital controls aren’t the only monetary tool the Central Bank could consider. If the ruble continues to weaken, it may decide to re-start currency interventions, pumping in billions of dollars to artificially prop up the currency. This would be a policy reversal for the bank, which has recently loosened its monetary controls in order to make the overvalued ruble free floating by 2015.

    “Never say never, but not at this stage, definitely,” the VTB CEO said when asked if capital controls are on the horizon.

    http://rt.com/business/192116-russia-central-bank-capital-controls/?utm_source=browser&utm_medium=aplication_chrome&utm_campaign=chrome


    The Russian Central Bank is nothing more than a cauldron of pro-Federal Reserve stooges, they don't give two-shits about the common Russian citizen! Capital and exchange controls would stabilize the Rouble, and defeat the current speculative attacks by Wallstreet and the City of London, and at the same time make it easier to transition away from the U.S. Dollar. Elvira Nabiullina may actually be worse than Kudrin, who would of thought that was possible?

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    Re: Russian Economy General News: #2

    Post  Hannibal Barca on Wed Oct 01, 2014 2:53 pm

    5 posts above I said that the plan is for the ruble to go lower. I don't know why we keep returning into this.

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    Re: Russian Economy General News: #2

    Post  sepheronx on Wed Oct 01, 2014 3:56 pm

    Hannibal Barca wrote:5 posts above I said that the plan is for the ruble to go lower. I don't know why we keep returning into this.

    The only thing I can imagine that it being good is making manufacturing cheaper in Russia. Downside is l
    Lower profit if just to Russian market. Add to that, people are not complaining about lower Ruble, but lack of access to long term, low interest rate loans, which is CB fault.

    Is there a way the Rus gov can bypass this? Like setting up a separate bank or some Venture that can provide such loans?

    As well, the gov needs to take measures now, amd bring back sberbanks foreign reserves. Before that stuff gets frozen thanks to US gov (which is known for freezing others assets). If that happens, kiss the $500B goodbye.

    Until they bring back those reserves and deal with CB poor performance and lack of care, Russia will not economically grow, businessss will still have trouble being created or expanding (so lacking diversification) and US will have a major grip on them.

    I dont see the issue of taking CB now, and forcing the assets back. Only downside is it will piss off some oligarches who rely om the west, but that will expose them more as the th coloumnists they are.

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    Re: Russian Economy General News: #2

    Post  Hannibal Barca on Wed Oct 01, 2014 5:41 pm

    One step at a time. Russia has a long history of doing things too rapidly. Just two dates: 1917, 1991
    For the moment QE is essential for volatility and competitiveness.
    And no Russia is not stagnating, is certainly making progress and with 4.8% unemployment a little freeze in salaries is not to bitch about.
    I will tell you something. This year Greek islands were so stuffed with Russians that many roads and shops had labels in Russian language,
    this is a long way for a country who 15 years ago was related only with crime here.

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    Re: Russian Economy General News: #2

    Post  Austin on Wed Oct 01, 2014 5:50 pm

    CBR said the current account balance and foreign debt for the I half


    MOSCOW, Sept. 30 - RIA Novosti. Bank of Russia said their assessments on the current account balance and foreign debt to Russia for the first half of 2014, from information on the website of the regulator.


    According to some data, the external debt of Russia for six months increased by 0.3% and amounted to July 1, 731.204 billion.  According to the previous assessment regulator's foreign debt at the beginning of July was 720.926 billion.


    The positive balance of current account balance of payments of the Russian Federation in January-June, according to new data, increased by 1.5 times compared to the same period of 2013 - to 40.9 billion dollars.  Earlier, the Central Bank estimated the current account balance to 44.2 billion dollars.


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    Re: Russian Economy General News: #2

    Post  Austin on Wed Oct 01, 2014 5:53 pm

    If i do back of envelop calculation then $732 billion external debt as percentage of $2.1 trillion GDP is ~ $35 % of GDP 

    Public Debt is around 11 % GDP

    Total External & Public Debt is  46 % of GDP

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    Re: Russian Economy General News: #2

    Post  sepheronx on Wed Oct 01, 2014 6:10 pm

    I wonder who owns that debt? And why it got that high?

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    Re: Russian Economy General News: #2

    Post  Viktor on Wed Oct 01, 2014 9:03 pm

    Project going ahead  thumbsup

    Railways allow the use of people's bonds in the project development of high-speed rail

    Glazyev believes the best way to project SCM investments of SWFs

    The representative of "highways" in September, told RIA Novosti that the Chinese companies are willing to engage and invest in the project of the order of 400 billion rubles.

    China is really standing up to Russia thumbsup


    Nice ... this kind of economy forums attract lots of investments and deals

    Putin to discuss investments with delegates of the forum "Russia Calling!"

    International sea port to be built in the Kaliningrad region in 2020

    Media: Japan wants to build its own refinery in Primorye

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    Re: Russian Economy General News: #2

    Post  zg18 on Wed Oct 01, 2014 11:45 pm

    Hannibal Barca wrote:Ruble will fall further.  Probably close to 50 rubles per dollar. Russia is a country with a huge trade surplus,a raw material provider and a need for a domestic industrial economy.
    Makes sense.

    Yeah , it`s not the same thing when Japan crushes Yen , because Japan is big importer of resources and raw materials , weak Yen has more negative than positive sides for Japanese trade.

    Weak ruble is going to hit consumer but it will force economy to restructure and gain more competitiveness , giving boost to local manufacturing industry.

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    Re: Russian Economy General News: #2

    Post  sepheronx on Thu Oct 02, 2014 4:55 pm

    http://en.itar-tass.com/economy/752337

    Whats funny is that they dont explain why. There is obviously people pissed at CB and stating that they need control of the currency but CB is trying anything, even lying, to want it to free float. Yet, these same genioses, are ruining investments by increasing ibterest rates, even if the currency is falling. I think let it fall, but allow cheap to no interest.

    sepheronx
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    Re: Russian Economy General News: #2

    Post  sepheronx on Thu Oct 02, 2014 5:36 pm

    http://m.rbth.com/business/2014/10/02/weakened_ruble_under_record_pressure_from_currency_speculators_40307.html

    Apparently drop in the currency has allowed specific industries in Russia to thrive.

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    Re: Russian Economy General News: #2

    Post  Austin on Thu Oct 02, 2014 7:08 pm

    Putin Russia Calling Speech

    Abstracts of Putin's speech


    - We share the principles WTO , "Unlike some "Founding fathers", it seems, of the organization. "


    - The policy of openness of the economy remain unchanged.


    - Responsible, balanced macroeconomic and fiscal policy. Said the budget surplus of 2% of GDP.


    - The continued commitment of the budget rule.


    - Recognized inflation. "With regard to inflation, then by the end of the year it will be about 7.5-7.6%, about 8%, which is actually higher than last year, when it was 6.5%," - said Putin. "The reason is understandable - in the growth of the prices of some food products. By the way, and you also know perfectly well it is an added incentive for us in the development of its agriculture "- the president said, noting that the monetary inflation does not exceed 5% of planned.


    - Russia is increasing its use of national currencies in trade in energy, including with China. Use of national currencies - a serious mechanism to reduce risk, as well as new opportunities to the economic life. "Recently, the Russian company " Gazprom Neft "in China has implemented a trial supply of crude oil in rubles," - said the president.


    - Did not increase the tax burden on business.


    - Do not intend to impose exchange controls and restrictions on the movement of capital.


    - The transition to a floating exchange rate does not mean the rejection of foreign exchange intervention.


    - During 2015 will be a national system of payment cards. It must ensure the safety and reliability of operations.


    - Repeats the thesis about the need for an industrial breakthrough.


    - We will build project financing, including from external sources. Projects in industry and agriculture will have access to credit at lower rates. "I know now, many in the audience will say, where these lower rates? Where are the long-term money? I assure you, we are constantly thinking about the introduction of new instruments ", - Putin said


    - We will assist in the capital increase business came under the unjust sanctions, especially financial.


    - Confidence serious investors to Russia is not reduced. Russian Direct Investment Fund should be additionally capitalized to the planned level. In VEB will be allocated 30 billion rubles.


    - Continue to improve the business climate in Russia. Noted that "It's not a place in the rankings," and the usability of the investor in the region. "I hope that during the spring and fall session The State Duma will take the rest of the package of bills in the national entrepreneurial initiatives to improve the business climate. Taking this opportunity, I ask Deputies promptly and constructively to consider them ", - Putin said.


    - "We are working with businesses like real partners: no decision affecting the business environment is not taken without the participation of the business, leading business associations in Russia", - said Putin. Recalled the creation of a single federal portal of business checks.


    "We are aggressively moving towards the goals that have set. I sincerely want to build a strong, prosperous, free and open to the world country "- summed up the president. Putin's speech at the forum was very brief - it was completed in 14.02, not last 20 minutes. Neither of Ukraine, nor the arrest of the owner AFK "Sistema" Vladimir Yevtushenko, Putin did not mention.


    Putin answers

    Putin, ready to answer questions from the participants of the forum, has joked that he is unlikely to be something to add to the performances and Ulyukaeva Nabyullina. President VTB Andrei Kostin said that "They argue, a key point puts the president." Putin said: "I just have to smile, perhaps, in some places, showing that it is not as difficult as it is painted, God forgive me, or frowning, showing that "Will not allow." "Let's try in this mode and work", - joked the president.


    With regard to sanctions, it "Nonsense, of course, the full by those governments that limit their business." According to the president, the credibility of the major reserve currencies - the dollar and the euro - is reduced. It is in this invisible at first glance, the damage to the world economy


    To the representative of the Swedish Investment Fund, which invests in the electricity, the mechanism of investment spurt and the fate of investment in power, Putin said that Russia welcomes and gives priority to private investment in infrastructure projects but the state should and will participate.


    According to him, Russia is mindful of its obligations in the electricity industry, but   "We have to act carefully." "In my election articles and then decrees (2012) we were talking about, I said that we will deal with privatization, but how would the brackets I have learned the power companies. But now the situation is changing, and I'm not sure that we need to maintain this position. Moreover, we are now considering the possibility of entering the market with large blocks of our largest energy companies, which are under the control of the state. We find these decisions and I am sure we will move forward aggressively enough, "- said the president.


    On the issue of guidelines for the development in modern conditions, Putin said that they remain unchanged. Noted that the task of doubling the GDP, the seemingly impossible is made. "We believe that the goals we leave unchanged", but we will look for new tools to achieve these goals or approach them. Including an improvement of the business climate, Putin said, and recalled government assets included in the privatization program.


    - The objective of the Central Bank is the stability of the national currency. Without the fight against inflation is impossible.


    - We are not increasing the reckless government spending . Sanctions - a temporary phenomenon, and a unique incentive for capital investments, including in agriculture .
    - USA produces staple - dollars. We do not make dollars.


    The representative UBS asked whether the policy shift towards Asia, Russia a serious and permanent. Putin said that Asia, particularly China, have become the driver of the world economy. "And Russia is also thinking about it."


    Question about Ukraine from the representative of the investment fund of the United States: "What Russia wants to achieve?" Putin: Ukraine committed to the exit from the political and economic crisis. It should be predictable partner and neighbor. "The Ukrainian people have been and will remain the closest to us brotherly people", - said Putin. Hopes that the elections to the parliament will be worthy. We proceed from the fact that all the people of Ukraine will enjoy their rights without discrimination - "The only way to preserve the territorial integrity of the country."


    Director Prosperity Capital Management Alexander Branis asked about   "Really Evtushenkova": whether to stir up the results of privatization. Putin: "There is no mass revision of privatization will not." However, law enforcement agencies may have questions, and we can not stop them. I am not going to interfere and give policy guidance, Putin said.


    "Thank you very much for your interest, for an interesting conversation" - summed up the president.



    Читайте далее: http://www.vedomosti.ru/politics/news/34170741/glavnaya-sessiya-foruma-rossiya-vpered-otkrylas-bez-putina#ixzz3F0Z9gm00

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