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Russia Seeks for a New Currency


BRIC leaders will discuss new reserve currencies at the summit but called for caution in the currency debate, saying it was in no-one's interest to ruin the dollar. He said new reserve currencies were inevitable. Russia will advocate a cautious approach to changing the system of global reserve currencies when the world's biggest emerging economies hold their first formal summit on Tuesday, the Kremlin's top economic aide said. ussian President Dmitry Medvedev will raise the issue of a global reserve…

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russia

Russia May Reduce Investments in U.S Treasuries


Russia currently has about $140 billion worth of investments in U.S Treasuries. First deputy chairman of Bank Rossii, Alexei Ulyukayev, announced that some reserves were going to be moved into International Monetary Fund debt. On May 26, Finance Minister Kudrin said that Russia will purchase $10 million of IMF bonds from the reserves while China may buy about $50 billion, according to Dominique Strauss-Hahn, IMF's Managing Director. Investors are cautious about U.S assets now that the budget deficit…

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Russian GDP Shrinks 7 Percent


The Russian economy shrank by 7 percent in the first quarter according to Deputy Economic Development Minister Andrei Klepach. "These figures are worse than we expected," Klepach said. The government has predicted that the economy will shrink by 2.2 percent in 2009 and are still holding on to that prediction after the release of the first quarter numbers. The 2.2 percent forecast takes into account multiple stimulus packages that are currently being debated to help improve domestic demand. Without…

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Russia: Gas Output Dropped Sharply in March


Gazprom's March gas production slumped by one-quarter from a year ago as demand shriveled in Europe and at home and buyers delayed purchases in hopes that prices would fall. Energy Ministry data showed Thursday that the gas export monopoly's output last month was 1.24 billion cubic meters per day, down 12 percent from 1.41 bcm per day in February 2009 and 24 percent down from 1.63 bcm per day in March 2008. "Such low production levels have been unseen over the past decade, even during summer months,…

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Russian Food Retailer to Expand Aggressively


Regional food retailer Magnit reported better-than-expected 2008 results for net income and revenue on Wednesday, and it pledged to carry its aggressive expansion plan into 2009. CEO Sergei Galitsky said in a statement that Magnit opened 385 new stores in 2008, bringing its total to 2,579 at the end of the year. The Krasnodar-based discounter said the openings helped it boost profits 93 percent under international financial reporting standards. Magnit, Russia's second-largest grocer after X5 Retail…

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Russian Home Building on the Rise


The number of homes completed in the first two months of this year surpassed the number in the same period last year, Regional Development Minister Viktor Basargin said Monday. About 5.86 million square meters of housing were completed in January and February, he said, without citing an earlier figure. "We have been able to completely maintain the positive dynamic of housing construction in Russia," he said, Prime-Tass news agency reported. The situation varies around the country, however, and construction…

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