Finances

Large Russian banks have purchased ATMs that are able to identify a person by face, and plan to install them by the end of this year.

On Monday, July 1, microcredit rules developed by the Central Bank came into force.  Now the daily interest rate is limited to 1%.

The number of people with incomes below the subsistence minimum by 2024 should be halved.  This was announced by Prime Minister Dmitry Medvedev at a meeting on the achievement of national development goals.

The situation in the market of unsecured consumer lending in the Russian Federation is tense, the level of debt burden of citizens is becoming a social problem, Deputy Finance Minister Alexei Moiseyev told reporters.

The government extended the zero rate of export duty on wheat until July 1, 2021.  The decree of June 29, 2019 was published on the official website of the Cabinet of Ministers.

The Deputy Minister of Finance of the Russian Federation Alexey Moiseyev reported that the government commission approved the bill on liberalization of the CMTPL.

The Ministry of Transport of Russia has prepared the rules for carping regulation (the use of cars with the help of online search services for fellow travelers).  Thus, the agency proposes to allow joint trucking only when a number of conditions are met.

From July 1, a concession in the framework of the pension reform came into effect in Russia.

The Russian-German Chamber of Commerce believes that sanctions do not interfere with German business in Russia to grow.

Russia will provide Serbia with an export credit of € 172.5 million, an agreement may be concluded soon, said Russian Ambassador to Serbia Alexander Botsan-Kharchenko.

In Russia, the number of citizens willing to cut costs has increased. In June, 68% of those surveyed said they were afraid of spending money (66% in May 2019).

Igor Yushkov, an expert of the National Energy Security Fund, told  when fuel prices could rise in Russia.

On July 1, new rules for share construction came into force in Russia, which imply the introduction of an escrow account mechanism.

During the seminar “The Policy of Active Longevity and Pension Reforms: Russian and International Experience,” HSE experts assessed the impact of pension reform on Russia's economic growth.

The head of the Russian Ministry of Finance, Maxim Oreshkin, commented on the report of the Central Bank, which says that without the growth of consumer lending, economic growth in Q1 2019 would slow to zero.