Wednesday, April 24, 2019

Tag: Bank of Russia

Can Russia Learn From Brazil’s Fate?

William Engdahl recently explained how Washington used the corrupt Brazilian elite, which answers to Washington, to remove the duly elected President of Brazil, Dilma Rousseff, for representing the Brazilian people rather than the interests of Washington. Unable to see through the propaganda of unproven charges, Brazilians acquiesced in the...

Putin: Nyet to Neo-liberals, Da to National Development

After more than two years of worsening economic growth and an economy struggling with 10.5% central bank interest rates that make new credit to spur growth virtually impossible, Russian President Vladimir Putin has finally broken an internal factional standoff. On July 25 he mandated that an economic group called...

Putin’s Decade-Old Dream Realized as Russia to Price Its Own Oil

Russian President Vladimir Putin is on the verge of realizing a decade-old dream: Russian oil priced in Russia. The nation’s largest commodity exchange, whose chairman is Putin ally Igor Sechin, is courting international oil traders to join its emerging futures market. The goal is to increase revenue from Urals crude...

Gold Rush by Russia Makes Up for Billions Lost in Currency Rout

Here’s why Governor Elvira Nabiullina is in no haste to resume foreign-currency purchases after an eight-month pause: gold's biggest quarterly surge since 1986 has all but erased losses the Bank of Russia suffered by mounting a rescue of the ruble more than a year ago. While the ruble’s 9 percent...

Why are Russia and China Buying Gold, Tons of it?

Gold is one of the most fascinating of all rare metals. Throughout all history it has been given a special, at times sacred or spiritual value, since six thousand years ago when the Egyptian Pharoahs’ tombs were filled with it to accompany the dead on their journey. In times...

Russia Calling Off Dollar Buying Bolsters Ruble as Oil Gains

The ruble ended five days of losses as the Bank of Russia stopped daily purchases of foreign exchange, signaling policy makers don’t want to add impetus to the currency’s decline before an interest-rate decision this week. The ruble rallied as much as 1.8 percent after the central bank said it...

Russian ruble slides to record low in Moscow trading

MOSCOW (AP) — The Russian ruble slid to a record low against the dollar Wednesday under pressure from the low oil price. The ruble traded above 81.8 to the dollar in Moscow on Wednesday evening, down by around four percent. That beat the mark of 80.1 set when the currency...

Medvedev: Russia’s Economy Must Prepare for Worst-Case Scenario

Russian Prime Minister Dmitry Medvedev said the Russian economy is looking better than one year ago but must prepare for the worst-case scenario as it continues to suffer from low oil prices and the impact of Western sanctions. Speaking Wednesday in Moscow at the annual Gaidar Forum on economics, Medvedev...

Russia launches payment card to rival Visa and Mastercard

It’s not a space race, but a card race. Russia has issued its first electronic payment card this week to compete against Visa and Mastercard. The launch of the bank card – called Mir, meaning ‘peace’ or ‘world’ in Russian – is seen as a response to Western sanctions that...

Russia Sees Biggest Decline in Wages, Retail Sales Since 1999

Russian wages and retail sales declined by the most since 1999, a sign consumer demand will remain a weak link in the economy’s efforts to break out of its first recession in six years. Real wages fell 10.9 percent in October from a year earlier, a deeper contraction than the...

Saudis Planning For A War Of Attrition In Europe With Russia’s Oil Industry

Russia's central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil...

China’s New Roads to Russia

I know of no comparable global Great Project to equal what is now unfolding, bit-by-bit, as China reveals more about her Silk Road Economic Belt high-speed railway infrastructure network. And it’s now clear that the road will be filled with entire new cities, industrial zones, construction, improving standards of...

Central Asia: The Drop in Remittances from Russia is Bad. But How Bad?

Russia's Central Bank has released new data showing drops as steep as 15 percent in the amount of money transferred by individuals to Central Asia in 2014 versus the year before. Much of that cash – no one can say exactly how much – comprises remittances from labor migrants....

Russia’s Economic Crisis Reveals Fault Lines

Summary Russia's deteriorating economic situation has struck another blow to Russian President Vladimir Putin and his ability to maintain a firm hold on the country and the government. Uncertainty in the Russian economy continued for another day Dec. 17 as the Russian government was forced to step in to stabilize the...

Russia Defends Ruble With Biggest Rate Rise Since 1998

Russia took its biggest step yet to shore up the ruble and defuse the currency crisis threatening its stricken economy. In a surprise announcement just before 1 a.m. in Moscow, the Russian central bank said it would raise its key interest rate to 17 percent from 10.5 percent, effective today....

Sanctions bring Russian growth to standstill: IMF

Sanctions imposed on Russia over Ukraine have brought growth to a standstill, had a "chilling effect" on investment and could force Moscow into economic isolation, the International Monetary Fund said on Tuesday. The international lender's report chimed with words from Russia's central bank governor, Elvira Nabiullina, who told a banking...

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