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According to the Deputy Chairman of the Central Bank of Russia M. Sukhov, the Bank of Russia is planning a twofold increase of the reservation rate for unsecure cash loans from March 1, 2013, and to increase the risk coefficients for cash loans while calculating the banks Cooke Ratio (Н1).

In 2013, the Government of Russia will allocate 200-300 bln rubles from pension accruals to infrastructure bonds. This refers to investments into the projects of a particular company - Russian Railways (RZhD). This was reported by the Minister of Finance, Anton Siluanov, on November 26.

 

Dmitry Medvedev, the Prime Minister of Russia, appealed to the employees of tax authorities not to hurry with the verdict regarding the tax innovations but firstly to evaluate their social and economic consequences. This refers to the control of transfer pricing, as well as to the consolidated groups of taxpayers.

 

On November 21, the Federation Council approved of the governmental law about the indexation excise rates for 2013 - 2015, the amendments made in Article 193 of the RF Tax Code (see details .).

 

According to Andrey Klepach, Deputy Minister of Economic Development, the capital outflow from the Russian Federation, in the course of 2012 can reach $70bln.

 

Moody's, an international credit rating agency, downgraded France's government bond rating by one level to AA1 from AAA. The outlook remains negative.

 

RF Ministry of Energy suggests zeroing of mineral resource recovery tax for 25 years for the new gas projects in Siberia and the Far East.

 

At the November 19 meeting of President Vladimir Putin with the Deputy Prime Minister Dmitry Rogozin, the latter said that the Ministry of Defense contracts planned for this year are placed for 94.3%.

On November 19, the First Deputy Prime Minister Igor Shuvalov stated that the government as a shareholder of Sberbank and VTB plans to withdraw from the capital of the two largest Russian banks within 5-10 years.

 

In the analysis of current changes in the number of employees and the level of remuneration in the government sector of developed countries, the question inevitably arises, what encourages people to work in this sector and how to improve incentives of civil servants in the efficient performance of their responsibilities.

Monetary supply dynamics (changes in the monetary base in broad definition, reflecting the Bank of Russia operations on the formation of monetary supply) in the last months of the current year can be regarded as stagnant.

Eurozone entered its second recession in four years - its GDP is decreasing for the second consecutive quarter, having declined in July-September 2012 to 0.1%, while in the previous quarter the downfall made 0.2%. Economic growth across the EU did not exceed 0.1%.

 

On November 14, the Russian President Vladimir Putin has supported the new draft law on pensions, which implies reduction of allocations to the funded component of pensions from 6% to 2% of payroll, redistributing 4% for insurance (distribution) component of the retirement pension. In addition, the President proposed to postpone the bill entry into force until 2014.

 

On November 6, the Russian President Vladimir Putin has dismissed Minister of Defense Anatoly Serdyukov from office, and Sergei Shoigu is authorized to take command of the Ministry.

 

As it is known, one of the instruments of support or revitalization of economic growth is motivation of the economy by means of government expenditures. A number of experts refer to that factor in order to justify the need of a budget deficit in the mid-term prospect. However, a simple analysis of the structure of growth in expenditures on ultimate consumption points to the fact that efficiency of state expenditures as a factor behind economic growth is rather low.

 

The economic situation in Russia is far from being an ideal one: GDP quarterly growth rates have been slowing down from the middle of the last year, while the base types of activities used for evaluation of GDP dynamics have stagnated from the beginning of 2012, reports RBK daily quoting the research - Our Economic Forecast: Two as the Maximum? - carried out by the Development Center of NRU HSE.