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card services)," the official said. He added that the local authorities were working with Russia to simplify cross-border remittances so that tourists could buy the local currency before arrival. After the US Treasury said it was ready to impose sanctions for working with the Mir payment system, problems with the use of the Russian cards arose in many countries, including Turkey, Vietnam, Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan. In March, national processing center Uzcard suspended acceptance of Mir cards except the co-badged ones because of technical works, but resumed acceptance later. On September 23, the services were suspended again, including of the co-badged cards.
The net profit of Russia’s Moscow Exchange increased by 29.3% on the year to 8.715bn rubles in July–September, as calculated under International Financial Reporting Standards (IFRS), the bourse said in a statement on November 3. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 29.3% to 11.906bn rubles, the Moscow Exchange said.
8.2 Central Bank policy rate CBR monetary policy reports
http://www.cbr.ru/eng/about_br/publ/ddkp/
The CBR’s decision on October 28 to leave the interest rate unchanged at 7.5% came as no surprise and fully matched consensus expectations. The CBR has dropped the key rate five times between April and September by a total of 12.5 percentage points.
This decision can be explained by the escalated geopolitical tensions, increased pressure on the financial system, and unclear consequences of expansionary fiscal policy. In the S-T, the regulator’s rate decisions seems to remain data-driven, which implies, that the CBR to remain cautious in monetary easing and its choice will be in a range of 0-25 b.p. cut at the next meeting.
§ Key factors. The CBR rate decisions have remained driven by the need to support Russia’s economic transformation; hence, we are far from the end of the rate cut cycle. However, as over the M-T horizon, the balance of inflationary risks is skewed to the upside – primarily as a reflection of supply-side shocks, and high financial volatility - the regulator’s steps become more cautious. Elevated inflationary expectations – which in October increased to 12.8% y/y v 12.5% y/y in September – are also viewed as a factor, which adds some uncertainty into future price dynamics.
§ CBR’s outlook. The CBR released its updated macroeconomic forecast for 2022-2024. It’s view on economic prospects became
91 RUSSIA Country Report December 2022 www.intellinews.com