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On 30 July, the Bank of Russia’s Board of Directors once again (just as it did one month earlier) made the decision that the rate of refinancing and other rates established by the RF CB should be kept at their existing level. Thus the decline of the rates observed since late 2008 until the summer of 2010 was discontinued. 

The real volume of Russia’s GDP over Q I 2010 rose by 2.9% on the same period of 2009, thus amounting to 9,862 bn Rb.  

On 29 June 2010, President of Russia D.A. Medvedev addressed this country’s supreme leadership with his Budget Message. By comparison with the time of last year’s Presidential Budget Message the macroeconomic conditions have changed rather dramatically, thus strongly influencing the character of the present  document. Now there exists a distinct orientation towards a switchover fr om anti-crisis measures to modernization and innovation as part of the development of Russia’s economy.  

On 1 July, 2010 the Bank of Russia announced that from 1 October 2010 it would suspend its auctions for granting unsecured loans to credit institutions for a period of over 5 weeks, and from 1 January 2011 – for all periods.

On 30 June, 2010 the Bank of Russia’s Board of Directors made the decision that the rate of refinancing and other interest rates established by the RF CB should be kept at their existing level, thus making a pause in their downward movement.

On June 19, 2010 the representatives of the People's Bank of China have reported on the changes in monetary policy aimed at further gradual rejection from the rigid rate of the Yuan to the dollar.

In mid-May 2010 the Business Software Alliance – BSA from the U.S. in conjunction with the International Research Corporation (IDC) have published the results of the Seventh Annual Study of the software piracy in the world (Seventh Annual BSA/IDC Global 2009 Software Piracy Study).

On June 7, 2010 the Bank of Russia announced that improvements in its information policy will be made: from now on the Central Bank of the Russian Federation will disclose not only the data on the total volume of interventions to support the currency market but also on the volume of so-called purposeful interventions. 

In June changes in the Federal Law No 178-FZ “On privatization of the state and municipal property” are coming into effect, which will may make the privatization relationships more transparent and open.  

As it turned out during the parliamentary hearings of the State Duma Defense Committee on June 3, 2010, Russian military-industrial complex has already obtained the agreement of the Government’s economy block to allocate RUR 13 trillion from the federal budget for a new government armament program in 2011-2020. This exceeds by more than 2.5 times the sum allocated in 2007 (RUR 4.9 trillion) for the current program limited with 2015. 

The Bank of Russia has informed of the approval of Instructions No 2459-U of the Bank of Russia of June 3, 2010 on The Specifics of Evaluation of Credit Risk by Individual Types of Loans and Debts Made Equal to Loans. 

In January–April 2010, growth in industrial output by 6.9% and in April, by 10.4% as against respective periods last year resulted mainly from growth in manufacturing industries by 8.3% and 15.7%, respectively, which situation can be explained in many ways by the effect of the last year’s low base.  

On May 31, 2010, the Bank of Russia has declared that starting from June 1 the rate of refinancing will be decreased from 8% to 7.75% per annum.

In January–April 2010, the economic situation in Russia was characterized by a renewal of the domestic business’s activities and the solvent demand.  

According to the data of Rosstat, in the 1^st quarter 2010 the GDP growth amounted to 102.9% against the rate of decline at the level of 90.6% in the same period last year. 

A meeting of Prime Ministers of the Russian Federation, the Republic of Belarus and Kazakhstan was held on May 21, 2010. The regular session of the EAEC Council at the level of prime ministers considered introduction into effect of a number of international agreements which form a contractual and legal base of the Customs Union.