Economic Snapshot for the CIS Countries
June 9, 2020
Economic activity worsened drastically in 2020
The regional economy is seen contracting this year as containment measures hinder private spending and investment activity, while extinguished external demand and compromised trade links dent exports. Russia, the regional heavyweight, will be battered by a weaker RUB and low oil prices, which will reverberate across the region’s smaller economies via shrinking remittances.
CIS Countries Monetary & Financial Sector News
Regional inflation jumped to a five-month high of 3.8% in April (March: 3.3%), marking the second consecutive month of rising price pressures. Although the acceleration was broad-based, it was largely driven by quickening inflation in Russia due to a weak ruble. Defying the general trend, inflation eased in Azerbaijan, Moldova and Ukraine.
Policymakers in Belarus chopped their key policy rate to a record low in May, while most of the region's other central banks will meet later in June. Central Banks in Russia and Ukraine are seen slashing interest rates further in June to boost economic activity. In contrast, Kazakhstan’s Central Bank is set to hold the policy rate stable amid inflationary and FX risks.
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5 years of CIS Countries economic forecasts for more than 30 economic indicators.
CIS Countries Economic News
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Russia: Inflation increases in July
August 6, 2020
Consumer prices rose 0.40% in July over the last month, accelerating from the 0.22% rise recorded in June.
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Russia: Services sector returns to growth in July
August 5, 2020
The Russia IHS Markit Services PMI soared to 58.5 in July, from 47.8 in June, marking the best result since July 2008.
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Kazakhstan: Inflation hits over two-year high in July
August 3, 2020
Consumer prices increased a seasonally-adjusted 0.30% from the previous month in July, a smaller increase than June's 0.40% rise.
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Russia: Manufacturing PMI dips in July
August 3, 2020
The Russia IHS Markit Manufacturing PMI fell to 48.4, from 49.4 in June.
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Russia: Central Bank trims key policy rate to fresh low in July
July 24, 2020
At its meeting on 24 July, the Board of Directors of the Central Bank of the Russian Federation (CBR) cut the key interest rate by 25 basis points to a fresh record low of 4.25%.
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