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Покупка иностранной валюты ЦБ может сгладить волатильность

19 января первый вице-премьер РФ Игорь Шувалов заявил о необходимости ЦБ покупки валюты на рынке в целях снижения волатильности рубля, возникшей из-за роста мировых цен на нефть и обеспечения большей предсказуемости курсу национальной валюты.

В чем причина замедления долгосрочного роста в РФ: внутренние или внешние факторы?

Сложившиеся в последние годы тенденции в динамике ВВП РФ не вызывают какого-либо оптимизма, особенно на фоне весьма интенсивного экономического развития до кризиса 2008-2009 гг. (ВВП в среднем увеличивался на 7% в год).

One Should Not Expect Radical Increase in Cigarette Prices Next Year

According to the Russian Interior Ministry estimates, the average price for cigarettes will rise next year up to 220 rubles per pack. The Ministry has calculated the new cost of cigarettes considering the rise of excise duties on tobacco products expected next year.

Developing countries are the most vulnerable to the US Federal Reserve System monetary policy changes

At the last meeting of the outgoing year, held on 13–14 December, the US Federal Reserve System decided to raise the federal funds rate by 0.25 p.p., to 0.5–0.75% per annum. In addition, the Federal Reserve System announced the possibility of further rate tripling in 2017, which was a surprise to many economic agents.

Dramatic Cuts in the Russian Central Bank’s Key Rate will Increase Currency Risks

After the key interest rate was raised dramatically and urgently to 17% per annum in December 2014, two months later (on 2 February 2015) the Central Bank of Russia started to lower it quickly (by 1.0 p.p.-2 p.p) though the headline inflation kept speeding up. The maximum was attained in March 2015 when consumer prices rose by 16.9% against the respective period of the previous year; the only exception was the indicators of January-February 2002.

The Sberbank Accounts for a Larger Portion of the Profit of the Banking Sector

The dynamics of lending by the banking sector to the economy have entered the area of positive values. It is to be noted that in October both retail and corporates segments of the portfolio increased.

The Initiative to Introduce a Social Parasitism Tax is Aimed at Putting Individuals Spendings under Control

The Government does not plan to introduce a draft law on introduction of the so-called “social parasitism tax” till the end of 2016. According to Maxim Topilin, Head of the Ministry of Labor, the text of the draft law does not exist yet.

Nobel Laureates Deserved the Prize

In 2016, the Nobel Prize in the economics was awarded to the authors of the contract theory: Oliver Hart of the Harvard University and Bengt Holmstryom of the Massachusetts Institute of Technology. No doubt, these laureates deserve the prize as the outputs of their research are taught at all the universities within the frameworks of contract theory courses.

On Potential Consequences Related to Introduction of Higher Taxes on Tobacco

On Wednesday, 5 October 2016, the Kommersant daily published a number of provisions of the draft of the tax policy main measures in 2017-2019 period developed by the RF Ministry of Finance. According to the information provided by the newspaper, in the draft it is proposed to raise in 2017 the specific component of the excise on cigarettes from Rb 1,420 per 1000 cigarettes which provision is envisaged by the current version of Article 193 of the RF Tax Code to Rb 1,560 per 1000 cigarettes. Also, it is planned to maintain the rate of appreciation of tariffs on cigarettes at the level of 10% in 2018 and 2019, too.

Changes in Regulation on Undercapitalization: Are All Ambiguities Cleared Up?

The latest changes in the Russian regulation on undercapitalization1 (namely, Article 269. 2-4 of the Tax Code of the Russian Federation) were introduced by Federal Law No.25-FZ of 15 February 2016 on “Amendment of Article 269 of Part 2 of the Tax Code of the RF as Regards Definition of Controlled Indebtedness” (hereinafter FL 25-FZ).

The Central Bank of Russia Has Made a Cautious Step towards Easing of the Interest Rate Policy

On Friday, 16 September, the Central Bank of Russia reduced the key rate by 50 b.p. to 10% per annum. So, the CBR has made a cautious step towards easing of the interest rate policy, having declared at the same time that it does not plan any further cuts in the interest rate till 2017.

Open access to credit profiles can make advertising more intrusive

In a letter addressed to the central bank, the Russian banking community has made a proposal that banks in some cases be allowed to request a credit check on customers without having to obtain their consent.