Economy

The Bank of Russia is expected to increase its inflation and GDP forecasts for 2021 at a crucial meeting in October, according to Kirill Tremasov, director of the Central Bank's monetary policy department, in an interview with Izvestia daily, Kommersant reports. In July, the agency predicted 5.7-6.2 percent growth. “The...

The World Bank has improved its forecast for Russia's GDP growth in 2021 from 3.2% to 4.3%, according to the bank's report on the economy of the Europe and Central Asia region. The World Bank notes the rapid recovery of the Russian economy against the backdrop of an increase in...

Two offshore companies - EMMF and Cistenique, registered on the island of Curacao in the Caribbean - were used to withdraw money from the Malaysian state fund 1MDB and the Russian Vneshprombank, the International Consortium of Investigative Journalism (ICIJ) Pandora Papers said. Criminals through these two funds from 2012 to...

The Moscow Exchange index, which reflects the ruble value of Russian shares, in morning trading on October 6 rose for the first time in the history of the Russian market to 4257.46 points, according to trading data by 11:30 Moscow time. The RTS index, reflecting the dollar value of shares,...

According to a spokesman of the Federal Agency for Subsoil Use, the Russian Federation is backed with gold at the current level of production for the next 36 years. So he reacted to the remarks of Pavel Grachev, general director of the gold mining firm "Polyus," who spoke about...

Region Group - Rossium (owner of MKB) and Gazprombank (GPB) are interested in buying a block of shares in Otkritie Bank, Kommersant reported. At the same time, GPB is "very strongly lobbying" for the purchase of shares, the source said. The deal will help GPB "grow strongly and get the...

Savings made through bank deposits, bonds, investments, endowment life insurance (NSH), or renting out real estate may assist maintain a decent living after retirement, according to Pavel Guzhikov, the founder and CEO of the fintech business Money Forward. A bank deposit, according to the expert, is one of the most...

Russia's defense expenditure in 2022 will revert to pre-pandemic levels, totaling more than 3.5 trillion rubles, according to RBC, referencing the proposed budget for the following three years. In terms of investment, the defense industry will come in second. The greatest component will be social policy, for which 5.8 trillion rubles...

Russians are considering investing in order to enhance their savings in the face of rising oil stock prices. In an interview with Sputnik Radio, Oleg Shibanov, head of the Skolkovo-NES finance center, highlighted what is not worth investing in right now, RIA reports. The strengthening of the ruble and the...

According to Russia's Ministry of Economy, the country's GDP was greater in August than it was before the epidemic. According to the agency, the indicator climbed by 3.7 percent year on year at the end of the summer, Kommersant reports. “GDP remained above pre-pandemic levels in August, according to projections...