CBR cuts key rate by 25 bp to 7.5% per annum -- the first cut since March 2018

bne IntelliNews June 14, 2019

The Central Bank of Russia cut its key rate for the first time since March 2018, as the annual inflation slowdown continues.

Russia's Fx/gold reserves tops $500bn for the first time in five years

bne IntelliNews June 14, 2019

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 data by the regulator shows.

Romania’s industry maintains sluggish growth in April

Iulian Ernst in Bucharest June 14, 2019

1.5% y/y growth of industrial production in April is far from the 5.2% figure envisaged by the government when forecasting 5.5% GDP growth this year.

Russia's current account surplus at $49bn, capital outflow doubles as of May

bne IntelliNews June 13, 2019

Russia's current account of the balance of payments posted a surplus of $48.7bn in January-May 2019, expanding by $1.8bn year-on-year, according to the preliminary data by the Central Bank of Russia (CBR)

TURKEY INSIGHT: Rate-setters decide this is no time to cut

Akin Nazli in Belgrade June 12, 2019

Decision was expected. Both lira and political outlook—with Istanbul revote and more Russian missile rows with US ahead—are unstable. Officials remain engaged in manipulating currency and injecting fresh loans into zombie companies.

Ukraine consumer prices rise by 0.7% m/m in May

bne IntelliNews June 12, 2019

Inflation pressures in Ukraine have not subsided despite the central banks decision to keep interest rates high making more cuts in the near term unlikely. Ukraine’s consumer inflation accelerated to 9.6% year-on-year from 8.8% y/y in April and rose

Top Turkish retailer BIM to pay TRY1.02 net cash dividend per share on June 12

Akin Nazli in Belgrade June 11, 2019

Total gross amount to be distributed as bonus shares and cash dividends from 2018 profit equals 83% of TRY1.25bn net profit.

Romania’s trade gap keeps widening as imports are particularly robust

bne IntelliNews June 11, 2019

Import growth reached double digits again in April, pushing the trade gap up by 36% y/y in the month.

May’s real effective exchange rate of Turkish lira lowest in nine months

Akin Nazli in Belgrade June 10, 2019

It fell to 69.79 in May, the weakest level recorded since last September's record low of 62.45.

Turkey’s consumer technologies market posts limited 7.5% y/y nominal growth in Q1

Akin Nazli in Belgrade June 10, 2019

It grew to TRY14.2bn (€2.17bn) according to a report by GfK Temax.

Slovenia’s April trade deficit soars to 10-year high for April

bne IntelliNews June 9, 2019

Both imports and exports soared in April but the rise in imports was particularly sharp. This is set to continue as domestic demand is projected be the main driver of growth this year while the external environment weakens.

Albania’s PPI down 0.2% y/y in 1Q19

bne IntelliNews June 9, 2019

The PPI in the key manufacturing sector was down by 0.7% y/y during the quarter, with the steepest drops in prices for manufacture of food products, manufacture of non-metallic mineral products (0.5%) and metallurgy.

Consumption pushes Romania’s GDP growth to 5% y/y in Q1

Iulian Ernst in Bucharest June 7, 2019

Detailed data point at an excessive rise in private consumption, pushing up net imports at an intensity not seen since the 2007-2008 surge ended in recession.

Russian car sales plunge 7% in May

bne IntelliNews June 6, 2019

Sales of new passenger cars and light commercial vehicles (LCVs) in Russia decreased by 6.7% in May 2019 to 0.138mn units, the latest report by AEB Automobile Manufacturers Committee (AEB AMC) shows. In January-May overall the market declined by 2.2%

Growth of Czech retail sales for food the highest in the past 16 years

bne IntelliNews June 6, 2019

Czech retail sales, non-adjusted for calendar effects, accelerated to 6.9% year-on-year in April from 4.3% in March, mostly due to a 10% increase in food sales, the most y/y in the past 16 years, significantly influenced by the Easter holiday, based

Russia’s services PMI growth slows to a three-year low

bne IntelliNews June 5, 2019

The wind has gone out of Russia’s service sector that has been the one vibrant part of the real economy for the last few years, dragged down by stagnant real income growth and the miasma that is lying over the retail sector.

Romania’s unemployment remains at past decades’ low

bne IntelliNews June 5, 2019

Unemployment spiked after the 2008-2009 recession as industrial companies made redundancies in response to reduced activity, but the labour market has tightened dramatically in recent years.

Polish CPI accelerates growth to 2.3% y/y in May, flash estimate shows

bne IntelliNews June 4, 2019

Fast-rising wages, recovering food prices, and a hike in core inflation are all having an impact.

Druzhba pipeline problems cut Russia's oil exports by 3.2%, output by 1.1%

bne IntelliNews June 4, 2019

The ongoing troubles with contaminated Russian oil in the Druzhba pipeline and Ust-Luga port have cut Russia's oil exports by 3.22% in May as compared to April, while oil output declined by 1.1%.

Polish PMI edges down in May

bne IntelliNews June 4, 2019

Indicator’s fall attests to the continuing deterioration of business conditions at Polish manufacturers, says IHS Markit, but this is refuted by Polish industry’s performance early in 2019 with industrial output growth yet to fall below 5%.