Latest news with #Reshetnikov
The Sun
3 days ago
- Business
- The Sun
Russia's economy minister calls for ‘timely' rate cut to boost growth
MOSCOW: Russia's economy minister Maxim Reshetnikov said on Tuesday that the central bank should ease monetary policy in a timely manner in order to achieve growth of 3%, a target set by President Vladimir Putin. Reshetnikov's comments came before the central bank reviews its key interest rate on June 6. A Reuters poll of 26 economists has predicted that the regulator will keep the key rate on hold at 21%. Economists expect Russian economic growth to slow to 1.5% in 2025 from 4.3% last year. The government forecasts 2.5% GDP growth this year. 'The current task is to navigate the cooling-off period. We are counting on a timely easing of monetary policy to maintain the targeted 3% growth rate outlined by the president in the future,' Reshetnikov said. The minister said that output was falling in an increasing number of real economy sectors while a slowdown in lending was hitting demand for engineering products, special equipment, freight transport, light commercial vehicles and buses. The central bank is under pressure from businesses to start cutting the key rate. However Governor Elvira Nabiullina has resisted the pressure, arguing that the bank needs to see a sustainable disinflationary trend before it can begin to ease rates.
Daily Tribune
5 days ago
- Business
- Daily Tribune
Russia invites Bahrain to tap emerging market opportunities
TDT | Manama Russia's Minister of Economic Development, Maxim Reshetnikov, emphasized the vast untapped potential in tourism and investment between Russia and Bahrain during a press briefing at the Four Seasons Hotel in Manama. His official visit precedes Bahrain's upcoming participation as a guest country at the prestigious St. Petersburg International Economic Forum (SPIEF) this June. 'Bahrain is still relatively undiscovered by Russian tourists,' Reshetnikov noted. 'It offers premium services, modern infrastructure, and an appealing climate — all at competitive rates.' He highlighted how the complementary weather between the two nations creates ideal conditions for year-round travel in either direction. With direct flights now available between Bahrain and Moscow, both sides are optimistic that travel exchanges will expand — boosting not only tourism but also people-to-people connectivity. The minister also extended an open invitation to Gulf investors, including those from Bahrain, to take advantage of evolving opportunities in the Russian economy. 'With many Western firms exiting our markets, new spaces have opened up, especially in sectors like green energy, agriculture, manufacturing, and advanced technologies,' Reshetnikov said.
Reuters
26-05-2025
- Business
- Reuters
Russia's cooling economy facing 'hypothermia' risks, minister warns
MOSCOW, May 26 (Reuters) - Russian Economy Minister Maxim Reshetnikov on Monday urged the central bank to take slowing inflation into account when it meets to set interest rates next week, warning that Russia's cooling economy is showing signs of "hypothermia". Grappling with stubbornly quickening inflation, Russia's central bank has kept its key interest rate at 21% since October, tight monetary policy that has stifled investment just as the economic impact of soaring military spending starts to ease. President Vladimir Putin In March urged his economic officials not to freeze the Russian economy as if it were in a "cryotherapy chamber" with high borrowing costs, which many analysts interpreted as a call to start an easing cycle. Reshetnikov, speaking in the State Duma, Russia's lower house of parliament, said that inflation in recent weeks had been in the 3-4% range when recalculated in annual terms. "We expect that May data will consolidate this trend and we of course expect that the central bank will take duly take this into account when taking decisions because we also see risks of economic hypothermia in the current regime," Reshetnikov said. The ministry forecasts annual inflation for 2025 at 7.6%, an estimate that Reshetnikov described as "realistic". Major Russian exporters including Rusal and Gazpromneft have cut the planned volume of commodities like metal and oil products they send by rail, a Russian Railways document seen by Reuters showed last week, demonstrating the real-world impact of subdued demand as the country's economy slows. The central bank's next rate-setting meeting is scheduled for June 6.
Al Etihad
07-04-2025
- Business
- Al Etihad
Russian Minister highlights expanding ties with UAE at AIM Congress
7 Apr 2025 23:42 SARA ALZAABI (ABU DHABI)Russia-UAE relations are witnessing continuous development, and the overall trajectory remains positive as both countries expand their cooperation, said Minister of Economic Development of the Russian Federation Maksim remarks to the press during the AIM Congress 2025 in Abu Dhabi, Reshetnikov noted that the UAE is Russia's "important partner" and Moscow's trade turnover with the UAE in goods stands at almost $10 billion."We understand that the range of supplies is growing, the channels of interaction are expanding," he trade, services now make up a major part of bilateral engagement."Our turnover in the services sector exceeds even the turnover of goods. These are, of course, services and tourism, first and foremost, as well as financial and transport services," he minister also highlighted new areas of cooperation, particularly in industrial development and special economic UAE's special economic zones are witnessing rapid development and at the regional level, there is intensive interaction between economic zones, he is another key focus for future cooperation, and prospects are bright for collaboration in the IT sector, including artificial intelligence, cybersecurity, and platform promotion, Reshetnikov this context, he highlighted the Russian technology company Yandex's active presence in the UAE. Elaborating further on ties, Reshetnikov said that tourism remains a vital link between the two nations. "Almost two million Russian tourists come here every year. The UAE does not even need advertising in Russia anymore - it is already a top destination. Similarly, growing number of UAE citizens are travelling to Russia," he said.
Yahoo
04-03-2025
- Business
- Yahoo
Russia wants migrants from new countries to help plug labour shortage, Interfax reports
(Reuters) - Russia wants to widen its source of migrant workers beyond ex-Soviet republics to Asian nations including Myanmar, the Interfax news agency cited the economy minister as saying on Tuesday. With unemployment at a record low 2.3%, President Vladimir Putin has flagged labour shortages as a problem and on Friday steelmaker Severstal criticised a regional move to ban migrant workers in construction. Citizens from the former Soviet Union have traditionally dominated Russia's migrant workforce. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. "We should probably not only fixate on the countries from which we are accustomed to attracting migrants," Interfax quoted Economy Minister Maxim Reshetnikov as saying in the lower house of parliament. "We need to look at completely new countries because there are a lot of countries in the world that are actively, quietly, consciously exporting their labour resources," Reshetnikov said. "We should be ready for this." Russia is already in discussions with Myanmar, Reshetnikov said, which has about 6 million of its 55 million population working abroad. Putin is holding talks with Myanmar's leader and military junta chief Min Aung Hlaing in the Kremlin on Tuesday. Heavy recruitment by the armed forces and defence industries has drawn workers away from civilian enterprises, and hundreds of thousands of Russians have left the country since Russia sent tens of thousands of troops into Ukraine in February 2022. Workers from Central Asia have described growing hostility towards them in Russia since Islamist militants from Tajikistan attacked a concert venue near Moscow in March 2024, killing 145 people. "We have a clear understanding that without competent regulation of migration it will be very difficult for us to move forward and saturate the market with labour, and we need to look at these things openly and discuss them," Reshetnikov said. Along with China, Russia is a supporter of Myanmar's military and both powers vetoed a U.N. Security Council resolution condemning alleged rights abuses in the country.
