VEB will receive subsidies for 600 billion.

The government will provide to Vnesheconombank until 2024 600 billion rubles of subsidies. This was stated by the Supervisory Board of VEB Prime Minister Dmitry Medvedev

Photo: Andrew Lubimov / RBC

Until 2024, the government will allocate Vnesheconombank (VEB) grants for a total amount of 600 billion rubles, said at a meeting of VEB’s Supervisory Board headed by Prime Minister Dmitry Medvedev.

“There are proposals for improving the effectiveness of all development institutions and the coordinating role of the Bank in this context. We are talking about modern platform solutions that will ensure the achievement of the result horizontally. On the other hand, the government will continue to provide web support, and this meeting in this sense is of key importance for VEB,” — said Medvedev.

At the last meeting, the government approved amendments to the budget this year. According to them, the Bank will get additional money for compensation of part of expenses on servicing of external loans.

The inflation expectations of the Russians in October fell sharply

Inflation expectations of Russians in October, sharply, to 0.8%, the same period, reaching 9.3 percent. The main reason the population was less to worry about rising gasoline prices, says Central Bank

Photo: Sergey Bobylev / TASS

The inflation expectations of the Russians for the next 12 months fell in October by 0.8% to 9.3%, says Central Bank on the basis of the results of a survey conducted by “old”. Thus the inflation expectations reached the lowest value since may.

The main reason for the reduction — “reducing concerns increased prices for gasoline,” explains Central Bank. A month ago, the regulator noted that the may increase in fuel prices is still spurring people’s expectations about inflation: despite the fact that since June, gasoline prices are not increased, 36% of respondents said that gasoline has risen in price the most. Now the figure is 31%.

Another reason for the stabilization of the ruble exchange rate (the share of respondents who expect the weakening of the Russian currency in the coming year, decreased from 50 to 41%).

The Central Bank will tighten rules on the sale of the policies investment life insurance

Central Bank announces tougher regulation due to the increasing number of complaints on unfair sales and for the first time revealed the profitability of completed contracts coli

Photo: Ekaterina Kuzmina / RBC

The Bank of Russia has developed a concept for improving the regulation of investment life insurance (coli), which is the second consecutive year is a driver of the insurance market. Premiums of insurance companies on the coli for six months in 2018 increased by 65% in comparison year-on-year and reached 138 billion rubles.

Proposed CB amendments are intended to combat unfair sales coli. At the conclusion of the contract the customer is often convinced that the purchase of the coli will bring much more profit than opening a Bank account indicates the Central Bank. But this is not true: according to the Central Bank, the average yield on three-year contracts ended coli was 3.3% per annum for five years is 2.4% per annum.

Rapid growth of sales of the coli more than 90% of which are made through banks accompanied by an increase in consumer complaints regarding this product in 2018, their share among all received by the Central Bank requests more than doubled, noted the Central Bank. Conducted by the regulator the monitoring showed that the agents is not enough to inform consumers about the features and risks of investment life insurance. So, many customers are confident that in the event of early termination of the contract, they will be able to fully return the money paid to the insurer as a premium, and the funds in the coli is insured by Agency on insurance of contributions.

The Central Bank explained the outflow of ruble deposits in August and September

The volume of ruble deposits, as of 1 October, up almost 10% year-on-year. In August and September, the index had fallen. Dollar deposits in annual terms fell by 7.3%.

Photo: Anton Belitsky / TASS

The volume of ruble deposits in Russia as of 1 October, increased by 9.9% (compared to same date in 2017). About it reported in “the Basic directions monetary-the credit policy of the Bank of Russia to 2019-2021 years.”

“Preservation of positive real interest rates provided an attraction for the population of deposits in rubles”, — the document says.

Billionaires for the year was rich for a record $1.4 trillion

Analysts at UBS and PwC for the first time counted in the world over 2 thousand billionaires. The General condition of the rich is now a record $8.9 trillion, the report Billionaires Report-2018

Photo: Jim Tanner / Reuters

In 2017, the combined wealth of billionaires in the world grew at a record pace, follows from the report, Billionaires Report-2017 prepared by the experts of UBS and PwC. According to their calculations, now United capital 2158 billionaires from 43 countries is a record $8.9 trillion, $1.4 trillion (or about 19%) more than the year before. As quickly as the home of the rich world is not growing more than ever.

In the report UBS/PwC stresses that more than a third of this increase caused the appearance of new 332 billionaires, while a quarter of all newcomers (89) were the representatives of China. Freshly baked billionaires in 2017, China has appeared three times more often than in the United States (30). For comparison, in 2006 in China there were 16 billionaires, now they only in the mainland already 373 (67 billionaires living in Hong Kong), and their total wealth exceeds $1.1 trillion (an increase of 39%).

In Asia and Oceania there are now 814 billionaires for the year their number increased by 177 people. Along with China’s high growth in the fortunes also demonstrate India ($440,1 billion, an increase of 36%) and Indonesia ($72.5 billion, +37%).

VTB last of the major banks announced an increase in mortgage rates

VTB will raise mortgage rates by 0.4 p. p. credit for the purchase of real estate will be available at a rate of 9.3%. Other major players in the mortgage market have already raised rates on the background of a September rate hike, the Central Bank

Photo: Eugene Reasonable / statements / TASS

From November 6, VTB will increase mortgage rates by 0.4 percentage points, said RBC head of the Department of mortgage lending VTB Eugene Dyachkin. A loan to purchase real estate within the framework of standard programs will be available at a rate of 9.3% per annum in the presence of comprehensive insurance. The increase will only affect new applications from clients, which are adopted after November 6), said the Bank.

“The main macroeconomic factors influencing the change in price indices on the mortgage, are the dynamics of the key rate of the Central Bank and market conditions,” explained Dyachkin.

The Bank of Russia to raise key interest rate

The Bank of Russia decided to leave its key rate unchanged at 7.50%. The solution was for the market expected, analysts believe that the Central Bank will keep the rate increase under the sanctions risks

Photo: Anton Belitsky / TASS

The Bank of Russia following the meeting of the Board of Directors decided to leave its key rate at the level of 7.50%.

“The situation in the domestic financial market stabilized. The Bank of Russia will assess the feasibility of further increasing the key rate, taking into account the inflation dynamics and Economics in relation to the forecast, and given the risks from the external environment and the reaction of financial markets”, — stated in the message of the Central Bank.

The next meeting of the Board of Directors of the Central Bank, which will address the question of the value of the key rate, scheduled for December 14, 2018.

Contrary to the expectations of why September has slowed the outflow of currency from banks

The outflow of foreign exchange public funds from state banks in September, contrary to expectations, has slowed sharply. Investors considered that the banks — not the main object of future sanctions. Plus played in the growth rate of deposits and the translation of rubles into foreign currency

Photo: Igor Zarembo / RIA Novosti

The population in September ceased to withdraw their foreign currency savings from banks after observed in the August outflow of deposits in the amount of $1.5 billion due to the holiday season and fears of new sanctions, should be from banking reports, which was analysed by experts at the request of RBC.

The outflow ended

Russian state-owned banks, which were part of the new us sanctions bill, only significant, but less than for August (minus $1.2 bn), currency deposits of natural persons in September decreased by Sberbank (opened the accounts three weeks before the rest) for $900 million, or 2.6%, wrote RBC. The outflow of foreign currency deposits since mid-September, told Reuters the Chairman of the Bank Alexander Morozov. In VTB deposits in the currency last month fell by $100 million, or 0.5% (up to $17.8 billion at October 1), against the August outflow of $300 million, estimated S&P analyst Roman Rybalkin. In Gazprombank in September, on the contrary, there was a slight influx of individuals — plus $48 million (0.9 percent), to $5.25 bln on October 1, say S&P. In Russian agricultural Bank (Rosselkhozbank), according to Frank RG, the volume of funds of natural persons in foreign currency in September has not changed in dollar terms amounted to $1.4 billion.

Central Bank interested in Bank payments to online casinos

Central Bank checks banks for compliance with the ban on cross-border transactions in the field of gambling. The responsibility to block them from banks appeared at the end of may. The shadow market turnover of online casinos in Russia is estimated at $3 billion

Photo: Brent Lewin / Bloomberg

The Bank of Russia shall verify the compliance of the Bank prohibition of the exercise of customer transfers in favor foreign gambling act by the Russian legislation. This requirement is stipulated by the law “On state regulation of activities on organization and conduct of gambling”.

On checking, told RBC sources in five state and private banks. Information on such payments, the Central Bank was asked in September, said two of the interlocutor, noting that the results of the inspection, they are not yet aware. According to one of the sources of RBC, on the part of the government the situation of cross-border payments in favor of the gambling operators analyzed the experts of the Ministry of Finance.

Legislative provision imposing a ban on transactions in favor of gambling came into force at the end of may 2018. According to the document , banks issuing payment cards are required to accept clients, natural persons in cross-border transfers on the cards in favor of beneficiaries in cases when the code or other transaction ID indicates that the receiver organizes gambling is not by the laws of Russia. We are talking about translations in favor of the casino, lotteries, bookmaker offices, etc.

The head of VTB told the fear of banks in Europe and Asia because of the US sanctions

According to Andrey Kostin, the us sanctions today affect the banking sector, forcing the European and Asian banks not to work with Russian sanctioned companies because of the risk of secondary sanctions

Andrey Kostin

(Photo: Vladislav Shatilo / RBC)

European and Asian banks are reluctant to lend and to make settlements with Russian companies under US sanctions, for fear of secondary restrictive measures on the part of Washington. About this stated the head of VTB Andrey Kostin, speaking at the Eurasian forum in Verona.

“Neither the European banks or Asian banks, typically, will not work, to lend and even to make settlements with those companies that are subject to tough us sanctions, for fear of secondary sanctions,” he said (quoted by “RIA Novosti”).

Kostin recalled that Russia has already started to develop measures aimed at the development of transactions in other currencies. He noted that now Russia is “not to avoid” elaborate measures to protect their financial and partnership relations, as well as from the possible impact of sanctions against financial institutions and institutions associated with the oil industry.