Central bank believes Russian economy is close to bottoming out
Published: 25 June, 2009, 10:12
TAGS: Investment, Currencies, Economy, Finance
The Central Bank could lower its re-finance rate once again in July, says its re-elected head Sergey Ignatiev. The rouble could weaken further, but there are no evident reasons for that.
The percentage of private bad loans has reached 5.5% – more than $6.5 billion dollars. Bad loans to non-financial companies rose to 9%. At the same time, capital adequacy continues to increase. Ignatyev believes the Russian economy is close to the bottom in terms of GDP performance.
“I am an optimist. I think that GDP will be better than the World Bank predicts. We will hit the lower boundary in the second quarter, if we haven’t already. I am referring to the lower boundary of GDP excluding seasonal factors.”
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World Bank says Russian liquor and tobacco taxes should rise as poverty jumpsThe World Banks says the economic crisis is boosting poverty in Russia, with the number expected to increase by 5% this year to 17% of the population. |
