Enceladus skrev: ↑tisdag 23 juli 2024 21:54
I Ryssland påstås allt gå enligt plan. Samtidigt ställer världen om till elbilar och värmepumpar (se ovanstående inlägg). Tiden är nog inte på Putins sida!
Russia Opts for Big Rate Hike After Inflation Thwarts Easing
Bloomberg skrev:The Bank of Russia raised its benchmark on Friday to 18% from 16%, in line with most forecasts. In a statement accompanying the decision, policymakers said they “will consider the necessity of a further key rate increase at its upcoming meetings.”
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One-time factors beyond the central bank’s control have contributed to stronger price pressures, such as unexpected frosts that destroyed crops and helped drive food inflation to an estimated 12.3% in June compared to 8.3% in May.
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It projects annual inflation at 6.5%-7% at the end of this year as opposed to 4.3%-4.8% forecast earlier. The bank, which previously saw inflation returning to its target at the end of 2024, now doesn’t exclude possibly missing its goal even at the end of next year.
Gains in fuel costs increased in momentum due to seasonally high demand amid the repair of many oil refineries damaged by Ukrainian drones. A stronger ruble — usually a factor that softens inflation by making imported goods cheaper — was undermined by new US sanctions that drove up payment costs for Russian importers.
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“This hike won’t help much in the fight against inflation, but the central bank can’t do nothing,” said Natalya Zubarevich, a specialist on Russia’s regions at Moscow State University. “As long as budget funds are rapidly injected into the economy, primarily into the defense sector, it will be extremely difficult to fight inflation, even by raising the rate.”
Allt verkar inte gå enligt plan. Har Rysslands centralbank glömt att konsultera med Putin? Oligarkerna verkar
inte heller vara helt nöjda med krigsekonomin:
Business Insider skrev:Igor Sechin, the CEO of Russian oil giant Rosneft, pointed to China's recent interest rate cuts, saying Russia should take cues from its neighbor, TASS, a state news agency, reported on Tuesday.
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"We need relatively cheap credit to come to the economy. We need structural change," said Aksakov, per Reuters. He added that price rises have slowed slightly and that annual inflation would decline in the second half of this year.
Russia's Center for Macroeconomic Analysis and Short-Term Forecasting, an influential think tank, even said the central bank is "forcing stagnation" onto the economy with high rates, per Reuters.
Trots det ökande missnöjet med allt högre räntor kan Putin tråkigt nog inte ignorera den
skenande inflation:
WSJ skrev:Last year, the Russian central bank more than doubled interest rates to tame prices. Inflation, though, kept rising, hitting over 9% this month, with a vast range of goods and services becoming costlier from potatoes (up 91% so far this year) to economy-class flights (up 35%). Now the central bank is set to further raise its benchmark rate on Friday.
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Prices aren’t rising fast enough to cause an economic crisis or social unrest. But they are a sign of the growing imbalances under the hood of the economy. Stubborn inflation also means that prosecuting the war becomes costlier, which then leads to even larger military spending.
“In the inflation fight, Russian authorities have no good options—they can’t stop the war, they can’t solve the labor problem, they can’t stop raising wages for the population,” Alexandra Prokopenko, a former Russian central-bank official who is now a fellow at the Carnegie Russia Eurasia Center. “As long as the war goes on, inflation will remain high.”
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The central bank has held its benchmark rate at a relatively high 16% since December, but it has had little effect on prices. To tamp down out-of-control housing prices, authorities this month ended a popular mortgage subsidy that offered discounted rates as low as 8%, half the central bank rate. The program helped insulate Russians from the effects of the war but also fueled a property bubble.
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“This clearly shows the limits of monetary policy in a situation of fiscal expansion and very tight labor markets,” said Vasily Astrov, an economist at the Vienna Institute for International Economic Studies. “The central bank has little, if any, influence on fiscal policy and no influence at all on demography” he said, referring to the country’s shrinking population and labor force.
Många vanliga ryssar är fortfarande skyddade från konsekvenserna, men kriget går trögare än väntat, och Ryssland
liknar alltmer Iran:
Financial Times skrev:A person from a Russian travel booking company notes that due to sanctions, which had restricted the ability of airlines to expand and service their fleet, demand for internal flights was soaring even though airfares are rising. “For almost the first time, it has become profitable for airlines to fly around Russia,” the person says.
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Income distribution is also changing, according to some business owners. “Our customers used to be a creative class and young people. Many have left,” says Albert Razilov, founder of the limited-edition footwear brand Mest, whose sales are nearly three times above prewar level. “Our main clients now are [snusk] men, middle managers of large companies, or business owners often involved in import substitution or IT. They now have money to experiment.”
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Korhonen notes that while the three-year budget plan foresaw a cut in government spending in 2025 — indicating that the authorities had expected the war to be over by then — a recent push to increase taxes suggests the government may now be more pessimistic and will need to “keep the spending levels fairly elevated”.
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Anton, the St Petersburg restaurateur, has seen this first-hand. “The staff shortage is colossal,” he says. “There are no cooks, no waiters, no bartenders . . . Emigration has crippled me because a lot of guys from the service sector have left.”
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In time, Russia could find itself in “an Iranian scenario where money is trapped in the country, resulting in exorbitant real estate prices, inflated stock market values and low quality of life,” says the Russian oligarch.
Det afghansk-sovjetiska kriget varade i 10 år. Kan Ukraina bli nästa Afghanistan? I slutändan blir det svårt att undvika samma problem som Iran brottas med...
dr Cassandra Nojdh skrev: ↑onsdag 24 juli 2024 23:02
Verkligheten formar sig inte på ett visst sätt bara för att Enceladus-kollektivet upprepar samma fras om om igen.
Ryska centralbanken höjer räntan – ”krigsekonomin på väg att försämras”
Di skrev:En fråga som ventilerats av väst är också om man kan lita på den ryska centralbankens uppgifter.
”Putin och hans auktoritära regim vill att vi ska tro att Ryssland är opåverkat av sanktioner och andra ansträngningar som görs för att stödja Ukraina, frihet och demokrati. Därför är det extremt viktigt att politiker, medier och ekonomiska institutioner i väst inte tar informationen från Kreml för given. När man tittar närmare på signalerna blir det tydligt att det inte är så rosigt med den ryska ekonomin som Moskva vill få oss att tro”, skriver finansministrar i åtta europeiska länder i en debattartikel.
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”Hur Putin beskriver den ryska ekonomin är en del av krigspropagandan”, säger Torbjörn Becker, chef för Östekonomiska Institutet (SITE) vid Handelshögskolan i Stockholm till SVT.
Finansministrarna är inte ensamma om vara skeptiska till den ryska officiella statistiken. Men skribenten vet kanske bättre själv!