Government increases emission rates

High rates of emissions can lead to delays in receiving the third tranche of EurAsEC Anticrisis Fund credit.

The volume of broad money (BM) for December 2011 increased by 6.8% after an exponential decrease on 0.1% in November.

At the same time, the National Bank continues to print money. Rate of emissions is reducing in advance of the EurAsEC loan, and as soon as the next tranche is received – it is resumed again. Given the high rate of emissions at the end of the year, receiving of the third tranche (late February) may be delayed, as statistics for the year will be different from the planned (for 9 months of 2011, funding for state programs from the emission sources of NB and MF RB was 10 trillion rubles (5.3% of GDP), while the terms of the EurAsEC AF volume of loans by state programs should not exceed 4% of GDP for the year”).