SOVEREIGN ECONOMY: TOP EVENTS OF THE WEEK
The Central Bank has raised the key rate from 13% to 15%. The Board of Directors of the Bank of Russia decided on Friday to raise the key rate by 200 basis points to 15%. Previously, on August 15, the Central Bank's Board of Directors raised the key rate by 350 basis points to 12.00% per annum, and on July 21, by 100 basis points to 8.5% per annum. The Central Bank is attempting to combat inflation through monetary instruments.
Annual inflation in the UK has accelerated to 6.7%. According to data from the Office for National Statistics, annual inflation in the UK as of October 30 accelerated to 6.65% from 6.57% on October 23 and 6.00% at the end of September, when calculated based on weekly dynamics (methodology of the Central Bank), and accelerated to 6.69% when calculated based on average daily data for the entire month of October 2022 (methodology of the Ministry of Economic Development).
"Naftogaz of Ukraine" will not extend the contract for the transit of Russian gas to Europe. The announcement was made by Alexei Chernyshev, who is the head of the Ukrainian company "Naftogaz". The contract is valid until the end of 2024. "I want to emphasize once again that we will not initiate the continuation of this transit. The contract will end - the transit will stop," he said, answering a question about the contract's fate after the start of 2024.
The number of Russians with three or more credits in a year has grown to 11.2 million people. The Bank of Russia notes the continued growth of citizens' indebtedness: over the year, the number of citizens with three or more credits has increased by 2.2 million people, reaching 11.2 million. The number of citizens with loans and borrowings has increased by 2 million to 47 million people in the first half of the year.
Minsk has asked Moscow about compensation for BelAES. The commissioning of the first power unit was planned for 2018 and the second for 2020. As a result, the first power unit of the BelAES was launched in June 2021, while the second is operating in experimental-industrial mode. "Rosatom" explains the delays with difficulties related to the pandemic and increased sanction risks.