Personal changes in the Russia’s central bank

Elvira Nabiullina, Governor of Russia’s central bank (World Trade Organization, CC BY-SA)

UniCredit predicts slowdown of Romania’s economy

Serbia expands wind farms

Russia

Elvira Nabiullina, as the governor of the Bank of Russia, the Russian central bank, will personally oversee monetary policy matters and chair the Monetary Policy Committee. She said, quoted by the Russian TASS Agency, that “the forma when the chairperson of the central bank is personally responsible for the monetary policy is a fairly standard decision made in many countries of the world."

At the same time the Management Board of the bank has been reduced from five persons to three. The first Deputy Chairman will be Dmitry Tulin, responsible for banking regulation and supervision, and will chair the banking supervision committee. The incumbent first Deputy Chairman Alexei Simanovsky will become the advisor to the Chairperson of the Bank of Russia and the Deputy Chairman Mikhail Sukhov stepped down from his office.

According to the Polish daily Rzeczpospolita Russian experts are surprised by these changes. They say that Nabiullina was given carte blanche by the Russian President Wladimir Putin which her predecessor did not have.

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Romania

UniCredit Bank expects a significant slowdown of the economic growth from an estimated 4.4 per cent in 2016 to 3.4 per cent in 2017, writes Romania Insider.

“First of all, the agriculture’s contribution to the GDP growth will be lower (or non-existent) in 2017, after very good harvest in 2016. Secondly, lending in local currency has reached a peak this year and will likely slowdown in 2017,” UniCredit economists believe. “Thirdly, the real income growth may also slow down next year, as the salary increases will be lower and the inflation will be higher.”

Another factor quoted by UniCredit that will bring down economic growth next year is the tightening of the state’s fiscal policy. The new government – Romania is facing parliamentary elections - will have to tighten the fiscal policy by the end of 2017 to keep the budget deficit under 3 per cent of GDP.

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Serbia

Serbian government announced the construction of new wind farms, and said that it will continue to provide incentives for the renewable energy sources. “Large wind farms are the most likely ones, mainly in the territory of Vojvodina – Čibuk, Plandište, Kovačica and Vršac”, Serbian Minister of Mining and Energy Aleksandar Antić said during the press conference.

The Serbian portal B92.net reports that seven wind energy projects got privileged producer status, as well as two solar power plants and two small hydropower plants.  

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What’s up in indexes

BUX (of Budapest) increased from 27664.25 index points Friday, September 30th to 28012.37 index points Monday, October 3rd. So it’s up 1.26 per cent d/d. From year-end it’s up 17.11 per cent.

BET (of Bucharest Stock Exchange) increased from 6930.56 index points Friday, September 30th to 6956.48 index points Monday, October 3rd. So it’s up 0.37 per cent d/d. From year-end it dropped by 0.65 per cent.

PX (of Prague) increased from 874.57 index points Thursday, September 29th to 858.59 index points Monday, October 3rd. So it’s up 0.58 per cent d/d. From year-end it dropped by 9.17 per cent.

WIG20 (of Warsaw) was up 0.93 per cent – increasing from 1709.51 index points Friday, September 30th to 1725.44 index points Monday, October 3rd. From year-end it dropped by 7.19 per cent.

OMXT (of Tallinn) was up 0.05 per cent – increasing from 1001.34 index points Friday, September 30th to 1001.83 index points Monday, October 3rd. From year-end it’s up 11.44 per cent.

OMXR (of Riga) was up1.58 per cent d/d and up 20.27 per cent from year-end. It increased from 708.82 index points Friday, September 30th to 714.85 index points Monday, October 3rd.

OMXV (of Vilnius) dropped by 0.09 per cent – falling from 543.58 index points Friday, September 30th to 543.09 index points Monday, October 3rd. From year-end it’s up 11.75 per cent.

SAX (od Bratislava) decreased from 308.93 index points Friday, September 30th to 414.26 index points Monday, October 3rd. So it’s up 1.73 per cent d/d and up 7.49 per cent from year-end.

SOFIX (of Sofia) increased from 504.58 index points Friday, September 30th to 507.07 index points Monday, October 3rd. So it’s up 0.49 per cent d/d. From year-end it’s up 10.02 per cent.

UX (of Kyiv) was up 0.43 per cent d/d and up 18.63 per cent from year-end. It increased from 810.13 index points Friday, September 30th to 813.63 index points Monday, October 3rd.

CROBEX (of Zagreb) was up 0.08 per cent – increasing from 1941.32 index points Friday, September 30th to 1942.94 index points Monday, October 3rd. From year-end it’s up 14.99 per cent.

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