The real inflow of investments in the Russian economy is not as large as we would like it to be, President Dmitry Medvedev said on Monday during the meeting with entrepreneurs. According to the Central Bank of the Russian Federation, the outflow of capital from the country in 2011 will make up up to $35 billion, which is approximately the same as in 2010.
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State-owned railroad company Russian Railways has set the starting price for auctioning a 75% minus two share stake in its wholly-owned subsidiary First Cargo Company at 125.375 billion rubles.
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Kyrgyzstan is ready to join the post-Soviet Customs Union while retaining the WTO member status.
The Kyrgyz government in April approved a plan to join the customs union and common economic space with Russia, Belarus and Kazakhstan. An interagency commission was set up to negotiate on the republic’s admission.
“We are full of determination to enter the customs union, with Kyrgyzstan remaining the WTO member,” the prime minister said. “Regular negotiations within the framework of a working group of the Customs Union member states are currently underway.”
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The National Bank of Kazakhstan plans to acquire all gold produced in the country within the next two to three years starting from 2012. From January 1, 2012, the bank is to acquire preemptive rights to purchase gold produced in Kazakhstan.
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The Russian government has been actively pushing the agenda of developing Moscow as a global financial centre, in line with London and New York. Following the financial crisis of 2008 and the global economic slowdown in 2009, the Russian economy has struggled to return to the high growth trajectory that other emerging economies of the so-called BRIC group; namely Brazil, India and China have achieved. A recent World Economic Forum (WEF) report on Russia analyzed the economic competitiveness of the country’s financial system and concluded that unless it undertakes major financial reforms, it will fall further behind the other emerging economies.
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law has set the requirement for written declaration of foreign currency in cash, the currency of the Russian Federation, traveler's cheques and internal and foreign certified securities imported by physical persons, providing their total equivalent value is not in excess of $10 000. At the same time, there are no any quantitative restrictions on importation of these valuables by physical persons. In fact, the requirement for this declaration is stipulated by the importance of maintaining statistical records and by control over the conveyance of large sums of cash assets and securities.
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Government officials including Deputy Prime Minister Igor Sechin, a close ally of Prime Minister Vladimir Putin, will have to leave their posts as board chairmen of state companies, Presidential economic aide Arkady Dvorkovich said on Thursday according to RIA Novosti news agency. On Wednesday, President Dmitry Medvedev suggested removing specialized government officials from boards of state companies which operate on competitive markets.
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The current international financial crisis is likely to lead to inflation in order to make debt cheaper, Russia's Central Bank First Deputy Chairman Alexei Ulyukayev said in an interview with Kommersant business daily on Friday.
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Estonia and Finland have pledged to support Russia’s accession to the World Trade Organization (WTO), the press office of Estonia’s Foreign Ministry said Monday.
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Russia’s Economic Development Ministry and Industry and Trade Ministry have set the parameters determining what constitutes domestic telecommunications equipment, according to a bill prepared by the ministries.
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The price of gold continues to grow at a fantastic rate, reaching new heights. Not that long ago its price surpassed all expectations, and today gold is more expensive than platinum. On August 9, COMEX recorded a new high of $1,776.8, and the growth since July 1 amounted to $290, which is the largest monthly increase in the recent years. Experts believe gold is the most reliable asset of the second half of 2011.
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The Venezuelan government plans to withdraw its foreign exchange reserves from banks in the U.S. and Europe in order to place the funds in Russian, Chinese, and Brazilian banks within the next two months.
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The downgrade of the U.S. rating by S&P has led to a collapse of the global stock markets. Long-term sovereign rating of the country was downgraded from the maximum AAA to AA + with a negative outlook, which means that further downgrade of the U.S. economy is possible. Stock markets reacted by a prolonged drop, and the price of gold is setting new records.
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The recent creation of a customs union between Russia, Belarus, and Kazakhstan has had a negative impact on the relationship between Russia and Ukraine, Ukrainian Prime Minister Nikolai Azarov said Wednesday, as cited by RIA Novosti.
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RZD subsidiary TransContainer and Deutsche Bahn Schenker Rail have reiterated their commitment of exploring possibilities of forming a joint-venture in Russia to provide logistics services, focused on the automotive industry.
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