Rouble News
Russian rouble holds firm
Helped by preparations for local tax payments and a rise in oil prices, the Russian rouble hit a 10-week high against the dollar yesterday.
Oil prices, the rouble's main driver, held above $77 per barrel thanks to improving risk appetite and fears of disruptions in oil and gas operations in the Gulf of Mexico during [...]
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A sharp rise in Russian bank profits revealedPositive figures just released by Sberbank have been offered by banking chiefs as evidence of the bank’s return to profitability.
The significant increase in quarterly profits are believed to be the result of cost cutting by Sberbank, and a fall in provisions against bad loans.
The net profits reported by the state-controlled bank of 43.5 billion roubles [...]
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PricewaterhouseCoopers expects Russian bad debt to riseConsultants at PricewaterhouseCoopers (PwC) have revealed that they expect the level of subordinate loans in Russia to spike in 2009.
Central Bank
Russian central bank announces rate cutThe Russian Central Bank (CBR) today announced a cut of 25 basis points in its refinancing rate, bringing the rate down to 8.50%. The CBR hopes to stimulate growth in the economy with this monetary policy easing.
The strength of the rouble has been helping to keep inflation down and there is a small upside risk [...]
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