Articles by Toni Vorobyova



Central Bank Signals Inflation Concerns

  • 27 September 10
  • Reuters
The Central Bank on Friday signaled that it had become more concerned about inflation, saying a drought may affect prices until next fall, in what may be the first sign of a shift toward eventual rises in interest rates.

Key Interest Rate Cut To Lowest Level Ever

  • 30 October 09
  • Reuters
The Central Bank reduced all key rates by 50 basis points effective from Oct. 30, taking the benchmark refinancing rate down to a historic low of 9.5 percent.

Central Bank Slows Ruble’s Record Rise

  • 01 October 09
  • Reuters
The ruble closed in regular trading at 36.29 versus the dual currency basket, taking its gains for September to 5.3 percent for its best month since the current composition of 55 cents and 45 euro cents was set in 2007.

Putin Promises No Capital Controls

  • 21 September 09
  • Reuters
Russia resisted calls for capital controls, choosing instead to spend $200 billion of reserves in late 2008 and early 2009 on keeping the ruble from weakening too quickly as it adjusted to lower oil prices and the country's first recession in a decade.

Sberbank Plans to Sell Seized Assets in 3 Years

  • 21 September 09
  • Reuters
Sberbank has already assumed control of oil fields from Urals Energy, several real estate projects and a chain of shops, while collateral on its books includes an airline.

Ulyukayev Sees Possible Rate Cut, Stable Ruble

  • 14 September 09
  • Reuters
Central banker Alexei Ulyukayev said Friday that the ruble should remain broadly stable for the rest of the year and that a rate cut of 1 percentage point is a possibility.

Small Cut Made to Refinancing Rate

  • 10 August 09
  • Reuters
The Central Bank on Friday announced its fifth interest rate cut in four months to help the economy out of recession, but the step was smaller than on previous occasions because of concerns over rising inflation.

State Will Wait Until 2010 for Borrowing

  • 31 July 09
  • Reuters
A deputy finance minister says the state may borrow from the World Bank.

Hefty Sovereign Bond Poses Big Risks

  • 24 July 09
  • Reuters
Russia’s plan to issue sovereign eurobonds next year to pave the way for new corporate international borrowing could backfire if it issues as much as $20 billion, pushing up risk premiums for all borrowers.

Central Bank Lowers Rate, Defends Ruble

  • 13 July 09
  • Reuters
The Central Bank cut interest rates Friday for the fourth time in more than three months as part of a campaign to encourage commercial banks to kick-start the economy by offering affordable loans.

Economy Shrank 8 Percent, but Shuvalov Expresses Optimism

  • 20 March 09
  • Reuters
The economy shrank 8 percent in the first two months of the year, the Economic Development Ministry said Friday, as First Deputy Prime Minister Igor Shuvalov signaled that growth could return by the year's end.

Industrial Output Fell 13 Percent in February

  • 16 March 09
  • Reuters
Russian industrial output posted the second-fastest contraction in the series' seven-year history in February, but the pace of the slowdown eased a little from January, State Statistics Service data showed on Monday. Posted 5:37 p.m.

State Sees Economy Shrinking by 2.2%

  • 18 February 09
  • Reuters
Russia's economic outlook darkened on Tuesday, with a government forecast for a 2.2 percent contraction adding to a batch of gloomy data releases to pressure the ruble and stocks.

January's Industrial Output Falls by 20%

  • 17 February 09
  • Reuters
Industrial output contracted by a fifth in January, the biggest monthly fall in the series' seven-year history, according to data on Monday -- including an 80 percent drop in automotive production compared with a year ago.

Repo Rates Raised To Support Ruble

  • 10 February 09
  • Reuters
The Central Bank will hike most interest rates by 100 basis points from Feb. 10, it said Monday, fulfilling a promise to tighten monetary policy to support the ruble, which reacted with modest gains.

Oil Fund to Cover Budget Shortfalls

  • 03 February 09
  • Reuters
Russia's oil wealth funds should cover any budget deficits for at least the next three years, and some of the money may also be used to give more support to the financial system, a Finance Ministry official said Tuesday.

Ruble Sinks to Historic Low

  • 29 January 09
  • Reuters
The ruble sank to historic lows versus the euro and the dollar on Wednesday as the end of major corporate tax payments freed up speculators to test the Central Bank's new currency boundaries.

Ruble Steady as Putin Backs FX Policy Shift

  • 26 January 09
  • Reuters
The ruble held firm on Friday after the Central Bank gambled on setting a floor 10 percent below current levels in a bid to end a slide that has knocked one-fifth off its value.

Weakening Ruble Loses 7% in a Week

  • 19 January 09
  • Reuters
The currency falls to 37.32 versus a euro-dollar basket after it is devalued for the 17th time since November.

Recession Fears Grow As 400,000 Lose Jobs

  • 22 December 08
  • Reuters
Around 400,000 Russians lost their jobs in November, official data showed on Friday, as evidence grew that the economy was plunging toward a recession expected to last until at least mid-2009.

Ruble Allowed to Slide for 2nd Day

  • 19 December 08
  • Reuters
The Central Bank allowed the ruble to weaken Thursday for the third time this week, speeding up a managed depreciation prompted by weak oil prices and the prospect of recession.

Industrial Output Shrinks by 10.8%

  • 17 December 08
  • Reuters
Industrial output shrank 10.8 percent on the month in November while wage arrears doubled, data showed Tuesday, raising the specter of recession for the once-buoyant economy.

Ruble Devalued 6 Times in 5 Weeks

  • 16 December 08
  • Reuters
Russia allowed the sixth mini-devaluation of the ruble in five weeks on Monday, gradually caving in to downward pressure on the currency from falling oil prices and a worsening economic outlook.

Central Bank Allows Ruble to Slide Again

  • 12 December 08
  • Reuters
The Russian Central Bank allowed the fifth 1 percent devaluation in the ruble against the dollar/euro basket in a month on Thursday as fresh data showed a $17.9 billion drop in gold and forex reserves last week.

Unemployment Rate at 7-Month High

  • 24 November 08
  • Reuters
The country's unemployment rate rose to a seven-month high, and retail sales grew at their weakest annual pace in more than two years in October, with analysts saying that Friday's data was a harbinger of much worse to come.

Interbank Rates Leap to Historic Highs

  • 18 November 08
  • Reuters
The Mosprime interbank rate surged to 22.67 percent on coming tax deadlines.

Trade in Rubles Likely a Long Haul

  • 17 November 08
  • Reuters
The country's campaign to do more international trade in rubles, spurred by persistent pressure on its currency, is likely to prove a long haul with the chances slim of persuading any major players to sign up soon.

Central Bank Allows the Ruble to Weaken

  • 12 November 08
  • Reuters
The Central Bank spent an estimated $7 billion on Tuesday on establishing a new limit for the ruble after allowing it to weaken beyond a key level it had defended in recent months.

Fitch Says BBB+ Rating Stable for Now

  • 18 September 08
  • Reuters
Russia has huge capacity to support banking sector liquidity, Fitch ratings agency said Wednesday, but recent market developments have accentuated risks for the sovereign's credit status.

Central Bank Drops $4Bln to Prop Ruble

  • 05 September 08
  • Reuters
The Central Bank stepped into the market and sold up to $4 billion on Thursday to brake the ruble’s fall, while shares went into free-fall despite a much-awaited shareholder peace deal on oil company TNK-BP.