Latest News - #The Central Bank of Russia (CBR)

RBC: Russia has become a net debtor

Net public debt of Russia again exceeded liquid reserves, reaching as at 1 July of 1.55 trillion rubles, according to RBC with reference to the statistical data of the Central Bank and the Ministry of Finance.

Net debt implies that the government assets do not cover the amount owed.

"Izvestia": banks want to write off the money from "dormant accounts"

. Russian banks want to get right to deduct money from accounts of citizens, if the owners do not get in touch and update information about them impossible. About this newspaper "Izvestia".

As explained by the publication in "Absolut Bank", which prepares the relevant document, we are talking about writing money for account maintenance and loan payments.

The government has proposed to expand the use of economic sanctions

The Russian government submitted to the state Duma draft amendments which will allow to extend the economic restrictions on legal entities in which sanctioned foreign companies and citizens have more than 25%.

Under current law restrictions can be imposed on foreign companies and citizens, inter-state foreign trade contracts and programs. About controlled foreign company in documents not mentioned.

Aksakov commented on the idea of restricting the withdrawal of deposits during the crisis

The Russians are in a pandemic took the money from the deposits, especially foreign currency, but to limit withdrawal is dangerous and fraught with panic, such restrictions are no plans and does not intend, reported RIA Novosti the Chairman of the Duma Committee on financial market Anatoly Aksakov.

Answering the question whether it would be appropriate to impose restrictions on the withdrawal of deposits during the crisis periods, Aksakov said, "I think that such a measure would be dangerous, only would create problems. Any limitations only reinforce distrust of financial institutions and create panic. Therefore, there are no restrictions and no plans not to plan".

The Central Bank has estimated the timing of recovery of the Russian economy

The Russian economy will recover to the level of 2019 in the first quarter of 2022, said the first Deputy Chairman of the Bank of Russia Ksenia Yudaeva.

"We see a recovery to the level of 2019 only somewhere in the first quarter of 2022 and the output to the trend that was seen before, somewhere by the end of 2022," she said during the conference, the newspaper "Vedomosti".

Estimated possible reduction in interest rates on mortgages in Russia

Average mortgage rate in Russia may drop down to 6.2 percent by year-end, said RT investment strategist "BKS the Prime Minister" Alexander Bakhtin.

He commented on the reduction of the key rate by the Bank of Russia to a record low for the entire post-Soviet period level of 4.25 per cent.

Popov commented on the decision of the Central Bank to reduce the key rate

. TV presenter Yevgeny Popov commented on the Central Bank reducing the key rate to a historic low.

Previously, the regulator decided to lower the rate to 4.25 percent per annum. Also, the Central Bank allowed a further reduction, this will depend on the dynamics of inflation and economic situation. The ruble then fell slightly.

Experts have told how the CBA affects the carry trade and the exchange rate

Active reduction of the key rate of the Central Bank of the Russian Federation in recent time reduces the flow of funds in ruble-denominated financial instruments in the framework of the carry trade, according to respondents RIA Novosti experts. Among other things, this puts pressure on the ruble, the experts believe.

Carry trade is the investment strategy of gaining profit on the Forex market due to different interest rate. In particular, it could be sale of currency (dollars, Euro, on which the fed and the ECB keeps rates near zero) and the purchase of these funds for ruble-denominated financial instruments that are profitable. Such actions of investors lead to higher supply of foreign currency on the Russian market and, accordingly, to the strengthening of the ruble.

The Central Bank revoked the license of the Bank "Neutralinos"

Central Bank of the Russian Federation from July 24, withdrew the license for banking operations of the Bank, "Neutralinos" (Saint Petersburg), says the message of the regulator.

The CBR made this decision on the grounds that the Bank had committed violations of legislation in the field of counteraction of legalization of incomes, received by criminal way and financing of terrorism, and also held the dubious transit operations related to the "shadow" and selling businesses cash receipts.

The experts gave their forecast of interest rates on deposits by year-end

Russian banks this year will continue to reduce interest rates on ruble deposits by the end of the year the average maximum rate will fall to 4% or even lower, expect to be interviewed by RIA Novosti experts and credit institutions.

Average maximum rate on deposits of ten Russian banks attracting the largest volume of deposits of physical persons in rubles, reduced from the beginning of the year. In early January she was 5.93%, and up to the second decade of July fell to a record low of 4.55%. This is largely due to the reduction of the key rate, which is currently at a historic low of 4.5%.

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