The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
Malaysia Budget for the Year 2015: “Accelerating Growth, Ensuring Fiscal Sustainability and Prospering the Rakyat” - Highlights
Prime Minister Datuk Seri Najib Razak unveiled Malaysia’s 2015 budget today, with an eyes on how the government plans to cut the fiscal deficit, bring down its own debt, piled up close to a self-imposed limit of 55 per cent of gross domestic product. The following are highlights of Najib’s ongoing speech to parliament: Government aims to lower fiscal deficit to 3.0 per cent in 2015 from an expected 3.5 per cent this year. 2015 budget allocates total RM273.9 billion, an increase of RM9.8 billion compared with the 2014 initial allocation. Operating expenditure RM223.4 billion, development expenditure RM50.5 billion. Payments to civil servants of RM65.6 billion is largest operating expenditure item. Federal government revenue collection estimated at RM235.2 billion in 2015, an increase of RM10.2 billion from 2014. Taxes Revenue from goods and services tax to be introduced in April at rate of 6 per cent expected to be RM23.2 billion, but after allowing for the abolition...