简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:MOSCOW (Reuters) – Russian economic activity rose in January-February but inflationary pressure also increased, the central bank said on Tuesday, adding that this could warrant a tighter monetary policy.
MOSCOW (Reuters) – Russian economic activity rose in January-February but inflationary pressure also increased, the central bank said on Tuesday, adding that this could warrant a tighter monetary policy.
The bank, whose next rate-setting meeting is scheduled for March 17, also said Russia‘s decision to cut oil output would likely narrow its trade surplus, a risk factor for the rouble, and that this could have an adverse impact on Russia’s gross domestic product (GDP) in the second quarter and beyond.
The Bank of Russia has become more hawkish this year. It held its key rate at 7.5% last month but said a further widening of the countrys budget deficit might compel it to raise the cost of borrowing.
“Domestic demand is growing on the back of increased budget spending,” the bank said in a report on Tuesday.
Russias finance ministry said on Monday the federal budget deficit had widened to around $34 billion in the first two months of this year as Moscow sharply raised expenditure while revenue fell amid slumping oil and gas takings.
The central bank said Russias GDP dynamics in 2023 could be better than its baseline forecast of 1% contraction to 1% growth, provided that there were no new, significant challenges.
Russias economy has proven unexpectedly resilient in the face of Western sanctions imposed last year over the Ukraine crisis, but a return to pre-conflict levels of prosperity may be far off as more government spending is directed towards the military and price caps squeeze crucial energy export earnings.
(Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Gareth Jones)
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.