Page 58 - BNE_magazine_bne_July2019_20190707

58 I New Europe in Numbers bne July 2019
Russia monetary policy rate vs inflation CPI
CBR cuts key rate by 25 bp to 7.5% per annum – the first cut since March 2018
As expected the Central Bank of Russia (CBR) cut its key rate by 25 bp to 7.5% per annum — the first cut since March 2018, the regulator said in a press release following the board of directors meeting on June 14.
"On 14 June 2019, the Bank of Russia board of directors decided to cut the key rate by 25 bp to 7.5% per annum. Annual inflation slowdown
is continuing. In May, households’ inflation expectations and business price expectations did not materially change and remain elevated. Economic growth in the first half of 2019 is lower than the Bank of Russia’s expectations. Short-term proinflationary risks have abated compared to March," the regulator said.
Russia's Fx/gold reserves tops $500bn for the first time in five years
The foreign currency and gold reserves of the Central Bank of Russia (CBR) amounted to $502.7bn as of end of the week of June 14 – the first time the Central Bank of Russia’s (CBR) gross international reserves (GIR) topped the $500bn mark since 2014, when the reserves where slashed from $510.5bn to $388bn by the need to support plummeting ruble rate, the regulator reported on June 13
Slovenia’s April trade deficit soars to 10-year high for April
Slovenia’s deficit in its external trade in goods reached €278.2mn in April 2019, as import growth exceeded that of exports, the Republic of Slovenia Statistical Office said on June 7.
Both imports and exports were up compared to April 2018. Exports grew by 12.9% y/y to €2.8bn, while imports soared by 28.4% y/y to reach €3.1bn. These were also the highest values for both imports and exports recorded in any April for the last 10 years.
TURKEY INSIGHT: Rate-setters decide this is no time to cut
Turkey’s central bank on June 12 announced that a meeting of its monetary policy committee (MPC) has opted to keep its policy rate (the one-week repo auction rate) at 24%, where it’s been for nine months.
“Recently released data show that the rebalancing trend in the economy has continued. External demand maintains its relative strength while economic activity displays a slow pace, partly due to tight financial conditions. The current account balance is expected to maintain its improving trend,” the MPC said in a statement.
Russia Gross Int reserves ($mn gold incl)
Turkish Central Bank's Policy Rates
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