Russia’s CBR ups key interest rate by whopping 200bp to 18%, increases GDP growth forecast to 3.5% for 2024
12 hours ago
Retail sales (chart) rose by 0.9% m/m in October, in seasonally-adjusted terms, recouping the losses incurred over the previous three months.
The annual growth rate (+1.8% y/y) remains fragile, but it was dragged down by the shrinking sales of fuel (-7.0% y/y), while sales of non-food goods were relatively stronger (+4.8% y/y) and food sales increased as well (+4.0% y/y).
As a trend for the entire year 2023, food and non-food sales (seasonally adjusted) have stagnated at a level superior to last year’s averages while fuel sales have decreased and edged down as average compared to 2022.
As of October 2023, the retail sales in the rolling 12 months increased by 2.4% y/y, driven by the 4.2% advance of non-food sales (indicating significant consumer confidence), +2.7% y/y advance of food sales and -1.7% y/y contraction of fuel sales.
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Russia’s CBR ups key interest rate by whopping 200bp to 18%, increases GDP growth forecast to 3.5% for 2024
The board of the Central Bank of Russia (CBR) increased the key interest rate by 2 percentage points from 16% to 18%, in line with consensus expectations at the policy meeting on July 26. - the first hike since December 2023.
The NBU keeps rates on hold at 13% due to rising inflation pressure
The National Bank of Ukraine (NBU) has decided to maintain its key policy rate at 13% on July 25, halting a series of three consecutive rate cuts.
Moldova's pro-Russian separatist Transnistria sends 80% of its exports to the EU
War in Ukraine forced Transnistrian exporters to focus on Western markets as routes to Russia blocked.
How energy intensive are data centers?
While countries like China and the United States had the highest electricity demand by a considerable margin, a new player that rivals the consumption of some of the biggest economies and is bolstered by the ongoing AI hype and data center use.
Hungarian central bank moves in line with forecast with 25bp rate cut
The central bank is likely to carry out 1-2 more rate cuts this year, bringing the rate to 6.25-6.50%, which would still be the highest among its CEE peers.
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