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RUSSIA: CBR Governor, Finance Minister to Speak at Economic Forum

RUSSIA
BulletEM BulletEmerging Market News
  • CBR Governor Nabiullina and Finance Minister Siluanov will speak at the St. Petersburg International Economic Forum today. Senior energy officials from Russia and OPEC will take part in a session on energy markets.
  • The Russian federal budget's oil and gas revenues totalled RUB 794bn in May, exceeding the base level for the fourth consecutive month, Kommersant report. They rose almost 40% year-on-year on the back of higher prices for Urals crude but fell by a third from April due to uneven payment of oil taxes.
  • The Finance Ministry has proposed to increase spending on subsidized mortgage programs by 25% this year, primarily because the central bank is expected to keep its key interest rate higher for longer, according to Vedomosti.
  • There is no clear consensus for the outcome of tomorrow’s CBR rate meeting. While some analysts predict that stubbornly high inflation and persistent demand-side pressure will warrant a rate hike at this juncture, others note that the Bank have time yet to assess inflation risks, and can therefore keep rates unchanged this month. Our full preview of the decision, with sell-side analyst views, will be released later today.
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  • CBR Governor Nabiullina and Finance Minister Siluanov will speak at the St. Petersburg International Economic Forum today. Senior energy officials from Russia and OPEC will take part in a session on energy markets.
  • The Russian federal budget's oil and gas revenues totalled RUB 794bn in May, exceeding the base level for the fourth consecutive month, Kommersant report. They rose almost 40% year-on-year on the back of higher prices for Urals crude but fell by a third from April due to uneven payment of oil taxes.
  • The Finance Ministry has proposed to increase spending on subsidized mortgage programs by 25% this year, primarily because the central bank is expected to keep its key interest rate higher for longer, according to Vedomosti.
  • There is no clear consensus for the outcome of tomorrow’s CBR rate meeting. While some analysts predict that stubbornly high inflation and persistent demand-side pressure will warrant a rate hike at this juncture, others note that the Bank have time yet to assess inflation risks, and can therefore keep rates unchanged this month. Our full preview of the decision, with sell-side analyst views, will be released later today.