Russia Holds Rates As Nabiullina Looks Past Slowing Economy

Policy makers led by Chairman Elvira Nabiullina said consumer-price growth slowed to 6 percent as of Oct. 7, with the economy showing signs of continued weakness. While removing guidance that rates were at an appropriate level for the nearest future, the central bank said it was waiting for clearer signs that inflation expectations were falling enough to meet medium-term targets for price growth. The central bank isnt terribly concerned about the weak pace of growth, Vladimir Kolychev, chief economist for Russia at VTB Capital in Moscow, said by phone. Before the central bank starts reducing rates, it needs to see a reduction in inflation expectations. The ruble remained little changed against the dollar following the announcement, trading at 32.2765 per U.S. currency as of 2:37 p.m. in Moscow. Russias ruble-denominated bonds due in 2027 fell, increasing the yield two basis points, or 0.02 percentage point, to 7.69 percent. Easing Ahead The three-month MosPrime rate, which the largest Moscow banks say they charge one another, may decline 17 basis points over the next three months, according to forward-rate agreements tracked by Bloomberg. Thats down from as much as 56 basis points on Aug. 8. The central bank last month increased its inflation (RUCPIYOY) target for next year to 5 percent, plus or minus 1.5 percentage points, from 4.5 percent, after the government backtracked on a plan to halt all price increases for utilities and monopolies like OAO Russian Railways. Still-elevated expectations for future inflation must come down, even as the pace of economic growth remains low, Nabiullina told lawmakers Oct. 8. For Russians, inflation is one of the biggest concerns along with housing and utilities, according to a poll published Sept.

In Russia’s Sochi, gays oppose boycott calls

Performers pose for a photo backstage before their show in a gay club in the Russian Black Sea resort of Sochi, on September 28, 2013

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Russia’s Tinkoff Credit firm to place shares worth $870 mln in IPO

But IOC Coordination Commission chairman, Jean-Claude Killy, last month said the organisation had no business weighing in on laws in host countries as long as the Olympic Charter is respected. Putin in August also signed a vaguely-worded decree banning any protests in Sochi during the Olympics unless they were related to the Games. Asked by AFP last month if Russia would allow a gay rights rally, the Sochi Organising Committee head Dmitry Chernyshenko said that gay rallies could theoretically be judged as “related” to the Games, but would still require the city’s permission. “If the city authorities find it possible, then (activists) won’t have any problems,” he said. He also promised that organisers would respect all visitors and not interfere in their private lives. ‘What is there to be joyful about?’ Yet it remains uncertain if Sochi, one of European Russia’s southernmost cities and close to the traditionally conservative societies of the Caucasus mountains, is ready for gay pride events. Sochi is more homophobic than Moscow, said Slavsky. People dance in a gay club in the Russian Black Sea resort of Sochi, on October 3, 2013 (AFP Photo/M “My understanding is that a parade is joyful,” he said. “What is there to be joyful about? Homophobia, murders and suicides?” In June Slavsky plucked up the courage to hold a small gay rights picket in Sochi with a handful of friends. The police did not interfere — but only because they did not understand the slogans on placards written in English, he said. He said he had also tried to establish a gay rights organisation, but gave up after meeting no support from the gay community. While Tanichev said he hopes foreign athletes will speak up for gay rights during the Olympics, he said he would not participate in any gay rights rallies or parades himself.