Monday, January 17, 2005
TEN MOST IMPORTANT RUSSIAN ECONOMIC EVENTS in 2004
MOSCOW, (RIA Novosti) - RIA Novosti presents ten most important economic events of the 2004 period.
1. An auction for the sale of 76.79 percent of all Yuganskneftegaz shares in line with a court verdict on forcing Yukos to repay its tax debts for the 2000-2001 period was held.
2. The dollar plunged against the ruble down to 2000 levels, with the euro's exchange rate against the dollar soaring from 1.26 in late 2003 to 1.35 by late 2004.
3. A stabilization fund was established. The Ministry of Finance predicts that its basic 500-million-ruble levels will be exceeded before the year is out.
4. A bill on replacing benefits with cash compensations was passed. According to its provisions, federal benefit-seekers shall have their benefits in kind replaced with cash payments.
5. Global oil prices hit an all-time high. A barrel of crude oil cost more than $50. Oil-barrel prices in excess of $25 entailed sky-high export duties. Meanwhile Russian gasoline prices jumped by over 30 percent this year.
6. It was decided to reduce unified social tax rates from 35.6 percent down to 26 percent starting next year in line with the national tax reform.
7. The Russian Central Bank's gold-and-forex reserves increased considerably, exceeding the $100-billion mark. As of late 2003, the Central Bank's gold-and-forex reserves stood at $77.8 billion, totalling $119.8 billion December 17, 2004.
8. Fitch, which is the world's second largest rating agency, elevated Russian debt to investment level. Moody's had granted investment-grade ratings to Russia last year.
9. A system for insuring bank deposits was created. As of December 22, 2004, that system involved 379 Russian banks. The clients of any specific bank, which is part and parcel of this system, will get not more than 100,000 rubles back in line with state guarantees, if their bank goes bankrupt.
10. The state auctioned off its remaining LUKOIL stake (7.59 percent) and that of the Magnitogorsk iron and steel plant (17.9 percent) within the framework of the 2004 privatization program.
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