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Apr 26, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►

Russian economy

Biden says for US, Russia 'now is the time to deescalate'

Biden says for US, Russia 'now is the time to deescalate'

  • There is a strong push in the United States to cripple the project with sanctions and prevent its completion, out of fear that it will give Moscow a dangerous grip on the energy supplies of US allies in Europe.
Published 16 Apr, 2021 10:12am
Russia may slash borrowing by 600-700bn roubles in 2021
Markets

Russia may slash borrowing by 600-700bn roubles in 2021

  • Finance Minister Anton Siluanov on Tuesday said Russia may cut its planned borrowing this year due to better-than-expected budget revenues and could be able to keep the state's debt to gross domestic product ratio at no more than 20% over three years.
Published 10 Mar, 2021 07:48pm
Russia seen holding interest rates throughout 2021
Business & Finance

Russia seen holding interest rates throughout 2021

  • The consensus forecast of 20 analysts and economists polled in late February suggested the central bank would hold its benchmark rate at 4.25% throughout 2021. Forecasts for the year-end ranged from 4.0% to 5.5%.
  • Analysts forecast inflation would rise to 5.3% in the first quarter of 2021 before gradually slowing below the 4% target to 3.8% by the end of the year.
Published 26 Feb, 2021 09:01pm
Russia's GDP to return to pre-crisis levels by end-2021
Business & Finance

Russia's GDP to return to pre-crisis levels by end-2021

  • Monetary policy, which is currently soft with the key rate at a historic low of 4.25%, would become neutral as soon as the economy returns to its potential.
  • He added that inflationary expectations had not anchored yet. The central bank has said it expects inflation to peak at around 5.5% in February-March, above the 4% target.
Published 18 Feb, 2021 06:15pm
Sberbank sees no need for fresh provisions on past loans, bets on stronger 2021 results
Business & Finance

Sberbank sees no need for fresh provisions on past loans, bets on stronger 2021 results

  • Sberbank set aside 541 billion roubles ($7.4 billion) in provisions for non-performing loans last year when the COVID-19 pandemic hit the Russian economy and some of its clients.
  • He added that Sberbank, which made a net profit of 781.6 billion roubles in 2020 under Russian accounting standards, will stick to its plan to channel at least 50% of net profit to dividend payments.
Published 16 Feb, 2021 07:41pm
Russia's January industrial output down 2.5pc y/y on OPEC+ deal
Business & Finance

Russia's January industrial output down 2.5pc y/y on OPEC+ deal

  • In annual terms, January data was dragged down by lower oil and gas production which also resulted in weaker oil products output, along with some other factors, the statistics service, or Rosstat, said.
  • The main factor behind the monthly fall in January industrial output was lower manufacturing activity, namely food stock production such as flour, spaghetti, rice and sunflower oil.
Published 15 Feb, 2021 08:57pm
Illegal forex dealers pose challenge to Russian central bank
Markets

Illegal forex dealers pose challenge to Russian central bank

  • Fraudsters stepped up online activities last year as the coronavirus pandemic hit the Russian economy and people turned to the stock and foreign exchange markets in search of new sources of income.
  • Most operate online and position themselves as foreign companies registered in Britain, Cyprus and offshore islands.
Updated 11 Feb, 2021 12:29am
Russian rouble edges up on US stimulus hopes, rising oil
Markets

Russian rouble edges up on US stimulus hopes, rising oil

  • The rouble had pared early gains and was 0.2% stronger against the dollar at 73.57. It had gained 0.2% to trade at 89.12 versus the euro.
  • Yellen, at her confirmation hearing on Tuesday, said the benefits of a big stimulus package were greater than the expense of a higher debt burden.
Published 20 Jan, 2021 06:32pm