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In the first six months of 2012, the budgetary system of constituent entities of the Russian Federation was more stable than in the same period of 2011. If the index of “the ratio between the revenues and expenditures of the consolidated balance of constituent entities of the Russian Federation” was above 100% with only 28 regions last year, this year it was with 57 regions.

On July 24, the Bank of Russia has expanded the range of the two-currency basket fr om Rb 6 to Rb 7. This is stated in the information materials of the Bank of Russia.

Experts are alarmed that the world may face a new food crisis: the most severe summer drought in the US in the past 50 years and unfavorable weather conditions in other countries have pushed prices on many agricultural products to record-high levels. 

On July 19, 2012, the USD exchange rate dropped sharply: on the basis of the results of a single trading session with settlements “today” at 15.00 Moscow Time the US dollar fell by 33.59 kopecks and amounted to Rb 32.0690 per USD.

According to the preliminary estimate of the Ministry of Economic Development of the Russian Federation, in the 1st half year of 2012 growth in GDP amounted to about 4.4% on the same period of 2011.

The Federal Treasury reports that at the end of the first five months of 2012, the enlarged government budget was executed with a Rb 1,150.9bn surplus (equivalent of 5.0% of GDP).

On 12 June, the State Duma Committee on Agricultural Matters discussed an earlier submitted to the State Duma bill "On introducing amendments to the Land Code of the Russian Federation and individual legislative acts of the Russian Federation with respect to abrogation of categories of land and recognition of the Federal Act "On transition of land or land lot fr om one category into another" to be having lost force.
Revolutionism of the document lies in introduction of a new classification of land in the country.

On July 13, the Government of the Russian Federation approved the State Program on Development of Agriculture in the 2013-2020 Period with federal budget financing in the amount of Rb 1,509 trillion.

According to the outputs of the research of the Bank of America Merrill Lynch based on evaluation of economic efficiency and the games theory, Italy has more reasons for exit from the euro area than Greece and consequences of such a move for the economies of both the countries can be positive.

The Russian Financial Agency will be able to invest resources of the National Welfare Fund (NWF) not only in bonds, but in shares, as well.

Despite the resistance by the system opposition, the State Duma approved the protocol on Russia’s Accession to the WTO on July 10, 2012. With individual voting, ratification of the protocol was supported only by deputies of the United Russia faction. Representatives of all the opposition factions voted against it. The document was approved with 238 votes for, 208 votes against and one vote abstained.

The Ministry of Finance of the Russian Federation does not intend to repeat its actions to support the stock market through the VEB, nor advises the Central Bank of the Russian Federation to carry out a “soft” devaluation of the ruble as it was done in 2008-2009.

On July 6, the Government of the Russian Federation will consider the issue of the main parameters of the Federal Budget in 2013–2015. The new budget will be approved at the backdrop of the complicated situation in the global economy. It is not excluded that the government will admit that adjustment of the budget as regards defense expenditures is necessary.  

On June 10, 2012, the State Duma intends to consider the issue of ratification of the protocol of Russia’s accession to the WTO. On July 4, the State Duma’s Committee on Economic Policy, Innovation Development and Entrepreneurship advised the lower chamber to approve the Draft Law On Ratification of the Protocol of April 15, 1994 on Accession of the Russian Federation to the Marrakesh Agreement on Establishment of the World Trade Organization.

According to Rosstat’s first assessment, in the 1st quarter of 2012 Russia’s GDP amounted in money terms to Rb 13,490.6bn and increased by 4.9% on the 1^st quarter of 2011.  

On June 15, the Central Bank of the Russian Federation reported that it left unchanged the rate of refinancing and interest rates on the main operations of the Bank of Russia.