RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY. Bank of Russia.
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1 RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY Bank of Russia September 218
2 2 Annual inflation is returning to 4% faster than expected. Acceleration of food prices drove CPI to +3.1% YoY in August Contributions to the change in annual inflation in August 218, ppts July Inflation, % YoY Fruits and vegetables (including potatoes) 1 1 Food goods (excluding vegetables, potatoes and fruits) 8 8 Non-food goods (excluding petrol) 6 6 Services (excluding regulated tariffs) 4 4 Regulated tariffs and petrol 2 2 Omissions August , 2,2 2,4 2,6 2,8 3, Sources: Rosstat, Bank of Russia Core inflation Non-food goods Food goods Services CPI Sources: Rosstat, Bank of Russia
3 3 Seasonally adjusted monthly inflation converges to 4% annualized Mar.17 Apr.17 May.17 Jun.17 Jul.17 Aug.17 Sen.17 Oct.17 Nov.17 Dec.17 Jan.18 Feb.18 Mar.18 Apr.18 May.18 Jun.18 Jul.18 Aug.18 Annual inflation, % All goods and services 4,3 4,1 4,1 4,4 3,9 3,3 3, 2,7 2, 2, 2,2 2,2 2,4 2,4 2,4 2,3 2, 3,1 Trimmed inflation indicators: median 4,8 4,4 4, 3,9 3,9 3,7 3, 3,3 3,2 3,3 2,8 2,8 2,6 2, 2, 2, 2, 2,6 CPI without volatile (for 3 months) components 4,2 4, 4, 4, 3,6 3,3 3, 2,7 2,3 2,2 2,6 2,4 2,1 2, 2,3 2,6 2,8 2,8 CPI without volatile (for 24 months) components 4,1 4, 3,8 4, 3,6 3,1 2,7 2,4 2,1 2,3 3,1 2,9 2,7 2,7 3, 3,1 3, 3,1 CPI with different weights: only volatility 4,6 4,4 4,3 4, 4, 3,9 3,6 3,3 3,1 3,2 2,8 2,6 2,7 2,7 2,7 3, 2,7 2,9 CPI with different weights: volatility and persistency 4,6 4, 4,3 4,1 3,9 3,8 3, 3,2 2,3 2,1 1,9 1,7 1,7 1,6 1,7 1,7 2, 2,6 CPI without «volatile» regions 4,3 4,2 4,2 4, 4, 3,4 3,1 2,9 2,7 2,7 2,4 2,3 2, 2,6 2,6 2, 2,7 3,1 Inflation without exchange rate influence (DRF) 7, 7,2 6,9 6,6,7 4,7 4, 3,6 3,3 3,2 2,8 2,4 2,2 2, 1,6 1,2 1,4 2,2 CPI without various components Core inflation Core inflation without food goods CPI without housing and communal services CPI without fruits and vegetables Monthly inflation (seasonally adjusted, annualised), % All goods and services Trimmed inflation indicators: median CPI without volatile (for 3 months) components CPI without volatile (for 24 months) components CPI with different weights: only volatility CPI with different weights: volatility and persistency «Core inflation» (trimming method) «Core inflation» (without volatile components) CPI without various components Core inflation CPI without housing and communal services CPI without fruits and vegetables Inertia measures of inflation, % Trend inflation (DRF) MMA MMA Balance indicators of inflation (difference of shares of components with accelerating and decelerating inflation), % Annual inflation Monthly (annualised) Average inflation for 3 months - lower than 4% (more than.3 st. dev.) - close to 4% (±.3 st. dev.) Sources: Rosstat, Bank of Russia - higher than 4% (more than.3 st, dev.)
4 4 Inflation expectations increased in summer on the back of spring s rise in oil products prices, the weakening of the ruble and the planned increase of the VAT rate in 219 Horizon Инфляционные ожидания (абсолютные), % Население I. 216 II.216 III.216 IV.216 I.217 II.217 III.217 IV.217 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 FOM Next 12 months FOM (Bank of Russia calculations) Next 12 months Professional analysts Bloomberg Interfax Reuters Bloomberg Interfax Reuters Financial markets OFZ IN (option not subtracted) Next years Bond market Next quarter 12., Interbank market Next quarter Inflation expectations (balanced index*) Households ФОМ Next 12 months ФОМ Next month Businesses REB Next 3 months Bank of Russia monitoring (SA) Next 3 months Retail prices (Rosstat) Next quarter Tariffs (Rosstat) Next quarter Change against 3 previous months: - Inflation expectations become better (more than 1 standard deviation) - Inflation expectations become better (less than 1 standard deviation) - Inflation expectations unchanged (±,2 standard deviations) - Inflation expectations become worse (less than 1 standard deviation) - Inflation expectations become worse (more than 1 standard deviation) *Balanced index is the difference between the shares of those who expect prices to rise and to fall Sources: FOM, Bank of Russia etc.
5 Rising geopolitical tensions and capital outflows from emerging market economies significantly impacted Russian CDS and the ruble exchange rate in August and September The dynamics of sovereign risk premiums (CDS) for various emerging markets, bp Russian ruble exchange rate dynamics CDS for "проблемных" troublesome EM EM CDS for "стабильных" stable EM EM CDS EM CDS Russia Россия Sources: Reuters, Bank of Russia Russian ruble to US dollar exchange rate, RUB/USD Yearly average Sources: Reuters, Bank of Russia
6 6 EM central banks raise interest rates amid monetary policy normalisation in DM Expected levels of interest rates in developed economies Q219 2Q22 Текущая ставка Actual change in the last 3M Consensus as of August 218 6М change in the forecast Consensus as of August 218 6М change in the forecast Federal Reserve (upper bond) 2,% +2 bp 3,2% +2 bp 3,38% +38 bp ECB (main refinancing rate ),% -,1% -1 bp,38% -12 bp BOE,7% +2 bp 1,2% - 1,% - BOJ Target Rate -,1% - -,4% -4 bp -,1% -1 bp BOC 1,% +2 bp 2,2% - 2,63% - Expected levels of interest rates in some emerging market economies Q219 2Q22 Текущая ставка Actual change in the last 3M Consensus as of August 218 6М change in the forecast Consensus as of August 218 6М change in the forecast PBOC (Lending Rate) 4,3% - 4,3% - 4,3% - Indonesia,% +7 bp,7% +1 bp,7% +12 bp India (Repo Rate) 6,% +2 bp 6,%* +2 bp 6,63%* + bp Brazil 6,% - 8,% - 8,% - Mexico 7,7% +2 bp 6,7% +7 bp 6,% +12 bp Turkey 24,% +16 bp 19,2% +112 bp 17,2% +92 bp Argentina 6,% +2 bp 26,% +1 bp 22,% +67 bp * - latest consensus as of July 218 Sources: Reuters, Bloomberg
7 7 Monetary conditions have tightened under the influence of external factors. 1Y OFZ yield +2bps from March lows. Deposit and lending rates start to rise as well 1 1-year bond yields dynamics of particular EM, % 2 18 Long-term ruble bank interest rates dynamics*, % p.a Russia Россия South Южная Africa Африка Mexico Мексика Indonesia Индонезия Turkey Турция (right (пр. ось) axis) Source: Reuters, Bank of Russia Nominal household deposit rate Real household deposit rate Nominal corporate loan rate Real corporate loan rate O/n interbank rate (MIACR) * Inflation expectations indicator used: 1) Real corporate loan rate Bloomberg 2) Real household deposit rate FOM (adjusted by the Bank of Russia) -6 Source: Bank of Russia
8 8 Retail and corporate lending continue to grow, the share of FX loans is declining Contribution of different components to the bank lending growth, ppts Loans to large enterprises Loans to small and medium companies Mortgage loans Consumer loans Revaluation of foreign currency loans Total loan portfolio, % Total loan portfolio*, % * Excluding foreign currency revaluation. -1 Source: Bank of Russia Loans to non-financial organisations Dollarisation of loan portfolio (%) Loans to households Total Dollarisation of deposits (%) Household deposits Corporate deposits and current accounts Total
9 9 The increase of the key rate will help maintain positive real interest rates on deposits, which will support the savings rate and balanced consumption growth Retail trade turnover and real wages dynamics (YoY) % p.p. 2 Contributions to the savings rate (seasonally adjusted), % Non-food goods Food goods Retail trade turnover (left axis), % Real wages (left axis), % Sources: Rosstat, Bank of Russia Real estate Borrowing Foreign currency assets (incl. FX deposits) Ruble financial assets (deposits, stock and cash) Savings rate (right axis) Sources: Rosstat, Bank of Russia * Average savings rate in ,66 (horizontal line)
10 1 Industrial production demonstrates stable momentum since the start of the year, as do investment demand metrics 7 Industrial production with contributions (adjusted for calendar factor), % YoY 7 1% Investment activity, % YoY 6 6 % % 1 1 -% % Calendar factor Mining and quarrying Manufacturing Utilities (before 21) Utilities: electricity, gaz and steam (since 21) Utilities: water, pollution control activities (since 21) Omissions Industrial output (right axis), % Sources: Rosstat, Bank of Russia -4-1% Volume of completed construction works (YoY) Quarterly fixed capital investment (YoY) Fixed capital investment (Bank of Russia estimate, YoY) Average 12M growth in fixed capital investment Sources: Rosstat, Bank of Russia
11 11 The Bank of Russia s forecast takes into account the set of fiscal and structural measures for 224 as proposed by the Government 2 Key parameters of the Federal budget in , The set of fiscal and structural measures to be taken by 224: The increase of the value-added tax rate from 18% to 2% in January ,1 16,6 1,8 19,9 2, 17,9 18,9 2, 19,9 1,8 1,6 1,4 1 1,2 The increase of the retirement age from 219 1, 1, Additional expenditures in the amount of 8 trln rubles on infrastructure investment and human capital (education, healthcare, environment and development of advanced technological export) in ,,6,8,6,4, Revenues, bln rubles Expenditures, bln rubles Federal budget deficit ("-")/surplus ("+"), % of GDP Source: Ministry of Finance,
12 12 The Bank of Russia decided to extend the suspension of FX purchases in the domestic market under the fiscal rule until the end of December 218 The decision to resume regular foreign currency purchases in the domestic market under the fiscal rule will be based on the assessment of the actual situation in the financial markets The decision on the foreign currency purchases in the domestic market that were postponed in 218 will be made separately after regular purchases are resumed Postponed purchases will be carried out in the course of 219 and later years Lowers overall volatility in the financial markets Curtails exchange rate volatility and its influence on inflation and inflation expectations over the next few quarters Visibility on monetary authorities' actions Source: Bank of Russia
13 13 Oil price projection for shifted moderately higher. Baseline trajectory now stands at $6/bbl - $/bbl - $/bbl (from --) 11 Oil price projections*, USD per barrel Baseline (June) Unchanged oil price (June) Baseline (September) Unchanged oil price (September) * Based on Monetary Policy Report 3 (September 218) Source: Bank of Russia
14 14 Bank of Russia s baseline scenario in September 218 Annual inflation will peak in the first six months of 219,.-.% at the end of 219 and will slow down to 4% in the first half of 22 when the effects of ruble s weakening and the VAT rise peter out Higher potential growth rates in if the planned fiscal and structural measures are successfully implemented * * *As presented in Monetary Policy Report 3 (September 218)
15 1 Baseline forecast: key economic indicators Increase compared to the previous period in % (unless noted otherwise) 217 (actual) Baseline* Urals price (average for year), USD per barrel Inflation in December compared to previous December, % Inflation (average for year) compared to the previous year, % GDP** Final consumption expenditures - of households Gross capital formation 9.3 (-1.) gross fixed capital formation Exports Imports Money supply (using the national definition) Lending to non-financial organisations and households, in roubles and foreign currencies** - Lending to non-financial and financial organisations, in rubles and foreign currencies - Lending to households, in rubles and foreign currencies * Published in Monetary Policy Report 3 (September 218) Source: Bank of Russia ** 217 data Bank of Russia estimate with Rosstat-revised industrial production data factored in *** Banking sector s lending to the economy is defined as all the claims of the banking sector to financial and non-financial organisations as well as households in Russian or foreign currency and precious metals, including loans provided (with overdue debt counting as well), overdue interest on loans, credit institutions investment in equity and debt securities and promissory notes, any forms of participating in the equity of financial and non-financial organisations, and any other receivables for settlements with financial and non-financial organisations and households
16 16 Baseline forecast: balance of payments USD billions 217 Baseline* (estimate) Current account: Trade balance Exports Imports Balance of services Exports Imports Balance of primary and secondary income Capital account Current account and capital account surplus Financial transactions account (reserve assets excluded) Public administration and central banks Private sector Net errors and omissions 4 Change in FX reserves (+ is for decrease, - is for growth) *Using BPM methodology. Due to rounding total results may differ from the sum of respective values Source: Bank of Russia, Monetary Policy Report 3 (September 218)
17 17 Monetary policy decision on 14 September 218 Inflation and inflation expectations Annual inflation is returning to 4% faster than expected Increase in annual food price growth to 1.9% Inflation expectations of both households and businesses have slightly increased on the back of the foreign exchange rate volatility Annual inflation will be % by the end of 218,.-.% in 219 and will slow down to 4% in the first half of 22 when the effects of ruble s weakening and the VAT rise peter out The Bank of Russia s decision to suspend foreign currency purchases in the domestic market under the fiscal rule will serve to curtail exchange rate volatility and its influence on inflation over the next few quarters Monetary conditions have slightly tightened under the influence of external factors Economic activity The economic growth forecast for , included in the baseline scenario updated to take into account changes in external conditions and the estimated influence of the set of fiscal and structural measures to be taken by 224 on economic performance Inflation risks The main risks: (1) Highly uncertain external conditions and their impact on financial markets Decision The Bank of Russia raises the key rate by 2 bp to 7.% p.a. Signal The Bank of Russia will consider the necessity of further increases in the key rate, taking into account inflation and economic dynamics against the forecast, as well as risks posed by external conditions and the reaction of financial markets Moderate risks estimates are mostly unchanged: (2) oil price volatility, (3) wage movements, (4) possible changes in consumer behavior
18 APPENDIX
19 19 Amid structural liquidity surplus the Bank of Russia mostly conducts deposit auctions, with Bank of Russia bonds (OBR) being issued since August , 11, 11, 1, 1, 9, 9, 8, 8, 7, The dynamics of the key rate and MIACR, % p.a The structure of Bank of Russia s liquidity management operations, bln rubles 7, 6, 6, Bank of Russia key rate MIACR Source: Bank of Russia Amount outstanding on other refinancing operations Standing REPO facilities REPO auctions Bank of Russia bonds Standing deposit facilities Deposit auctions Source: Bank of Russia
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