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Putin to Take Part in BRICS Summit; Industrial Production Data Scheduled for Release

RUSSIA
  • The state of public finances ahead of the 2024 elections allows the proposal of an increase in the minimum wage and salaries of public sector employees, the launch of a state-sponsored long-term savings program, a pilot project to support working mothers, and a limited return to retail investors in foreign stocks, Kommersant report.
  • In the period from August 15 to 22, 15 of the 30 largest banks in Russia raised mortgage rates in the range of 1.5-3%, up 14% per annum on average, Izvestia report. They say this follows the emergency rate hike by the CBR last week.
  • Russian steelmakers have noted a sharp increase in domestic steel consumption in the first half of the year, Kommersant report. According to the latest estimates, consumption grew by 10-12%, mainly due to construction.
  • President Putin will take part in the BRICS summit in South Africa by video link today. The Federal Statistics Service will report July industrial production data at 1700BST/1900 local time (Est: +5.6% y/y).

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