Economy
Back to the pandemic — Russian stats body delays bad news publications PRO Members Public
Rosstat, Russia’s statistics agency, appears to be reverting to its pandemic-era practice of delaying the publication of statistical reports. Last week, Rosstat withheld the release of its latest socio-economic report which included information on soaring inflation levels across the country, until well into the evening. * Last week, Rosstat delayed
Central Bank tips economy towards recession to stem inflation PRO Members Public
The central bank has reacted aggressively to surging inflation, the falling ruble and the imminent increase in government spending. It hiked the base rate on Friday by two full percentage points, from 13% to 15%, and signalled there was little likelihood of rates coming back down again before spring or
Russian authorities start winding down the preferential mortgage program PRO Members Public
With the Russian Central Bank raising its base rate, the Russian authorities have begun tightening the conditions to access preferential and family mortgages. Previously, this scheme allowed Russians to take advantage of subsidized loans to buy houses. The program is consuming increasing levels of budget funding, but the authorities are
Why is the exchange rate so important to Russians and to the Kremlin PRO Members Public
This summer, Russia is facing its latest currency crisis. On Aug. 11, the dollar broke through the benchmark 100-ruble mark, while the euro was trading at 110 rubles. Its tumbling value has become a hot topic in the Russian media in recent weeks. Ordinarily, foreign exchange rates shouldn’t be
Russian Central Bank takes emegency measures as the ruble plummets PRO Members Public
Russia’s Central Bank, which is also responsible for national monetary policy, is trying to strengthen the falling ruble. Last week, it refused to invest in foreign currency as required by budget rules. But on Monday, as the dollar rate reached 100 rubles for the frst time since March 2022,
Falling ruble forces Russia to abandon its own budget principles PRO Members Public
The Russian ruble has continued its steep decline, reaching 95 rubles against the dollar and 105 against the euro this week. For Russians, this is more than the usual psychological blow (many are used to using the exchange rate as a barometer for the economy’s fortunes): it is a
Isolated Russia turns to Africa PRO Members Public
Last week, Russia hosted its second Russia-Africa summit in St. Petersburg. Although the Kremlin actively promoted the forum, only 17 of the continent’s 54 nations sent high-level delegations. It’s no surprise that this is far fewer than the number that attended the previous summit in 2019. Even though
Inflation gains momentum PRO Members Public
Russia’s Central Bank expects prices to rise. But just a month ago, Putin was hailing the country’s low inflation rates compared to the rest of the world. At the start of the summer, Putin boasted of how inflation in Russia was approaching record lows and was even less
Russian ruble plummets amid Prigozhin rebellion PRO Members Public
The Russian ruble has nose-dived in response to Yevgeny Prigozhin’s rebellion, accelerating its gradual depreciation since the end of last year. In the two weeks since June 24, the ruble fell 12% against the dollar and surpassed the symbolic 100 ruble per euro mark. The current exchange rates hark
Keynes in jackboots: can defense spending sustain Russian economic growth? PRO Members Public
Hello! This is Alexandra Prokopenko with your weekly guide to the Russian economy — brought to you by The Bell. I am joined this time by analyst Alexander Kolyandr to look at the structural transformation of the Russian economy amid the Ukraine war and what it has to do with economist
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The Bell was founded in 2017 by journalists Elizaveta Osetinskaya, Irina Malkova and Peter Mironenko as a news outlet independent from the Russian authorities, after its founders have been sacked as top editors at the largest Russian news website RBC because of pressure from the Kremlin.
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