Page 15 - RusRPTDec18

savings system revamp, as Russia's state development bank Vnesheconombank (VEB) is likely to get a mandate of a pension fund. Until now, pension savings of those Russians that did not indicate any particular fund or programme, so called molchuni or "silent" funds, are automatically transferred to VEB which manages the state pension investments.
This gave VEB a RUB1.7 trillion portfolio ($27bn) on which the state development bank earned a return of 8.6% in 2017. This was twice as much as average 3.8% investment income of NPFs. Should the government qualify VEB as an NPF, it would broaden its investment options and is seen as a positive measure for the "silent" pensioners.
2.7 Watcom
2.8 Russian business and consumer confidence
Business confidence fell by another point in November to to -6 after being steady over most of the summer. The threat of new US sanctions are weighing on sentiment and a close down in real income growth are undermining confidence. year will be slower than expected.
15 RUSSIA Country Report December 2018 www.intellinews.com