Latest Updates

COMMENT: Ukraine and the Biden Presidency

Will the upcoming Biden Presidency be good for Ukraine? The answer is yes, but there are questions that must be answered.

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COMMENT: Romania’s foreign debt, reserves and gold during the pandemic

Romania's external debt increased quite fast during the last year, rising from 48% to more than 56% of GDP, accelerated by the decline of GDP during the pandemic.

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Sberbank's joint project with Mail.ru is in limbo

Following the high-profile divorce between Russia's largest, state-owned lender Sberbank and tech giant Yandex earlier this year, the future of the bank's partnership with another local tech company, Mail.ru Group, is now also in danger of collapsing

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Russian police unveils $720mn AI-focused digitalisation scheme

Russia's Interior Ministry has presented to the government a RUB55bn ($720mn) digital transformation programme that has a heavy focus on artificial intelligence (AI).

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Moldova’s foreign policy reset

President-elect Maia Sandu is committed to Moldova’s European integration but she won’t needlessly antagonise Russia.

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Belarusian police introduce colour-coded torture system for detained protesters

Belarusian police have introduced a colour-coded system for marking detainees that determines how severely they will be beaten, according to reports posted on social media

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BEYOND THE BOSPORUS: Turkey shakes off reality in the pursuit of single-digit inflation

The markets have been given their chunky rate hike. They must now buy stories such as when the country’s currency depreciates by 50%, its inflation can rise by only 12%, even though it has an import-dependent economy.

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BEYOND THE BOSPORUS: Erdogan swallows humble pie and bitter pill as market gets its rate hike but watch for sleights of hand

Turkey's new central bank governor lifts main policy rate 475bp to 15% and says funding will only be available at this benchmark. That’s not the whole story, though.

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STOLYPIN: Hawks in DC risk empowering their counterparts in Moscow

There has been a rash of commentary ahead of the Joe Biden presidency calling for a hardening of foreign policy towards Russia, whereas the leading analysts in Moscow see the possibility of a less confrontational Kremlin.

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North Macedonia mulls decriminalising cannabis to boost tourism

Turkey to scrap asset ratio slapped on banks year ago

Tehran says foreign companies ‘in touch to explore Iran return in Biden era’

North Macedonia mulls decriminalising cannabis to boost tourism

North Macedonia has opened a public debate on the decriminalisation of marijuana, after it legalised medical cannabis in 2016.

Turkey to scrap asset ratio slapped on banks year ago

Erdogan administration has launched a ‘market friendly’ period in attempt at stopping the rot of lira depreciation, but currency has been back under pressure this week despite chunky rate hike.

Tehran says foreign companies ‘in touch to explore Iran return in Biden era’

Tony Blinken, nominated by US president-elect to serve as his secretary of state, is an outspoken proponent of the nuclear deal. If Washington rejoins the accord, heavy sanctions on the Iranians would be lifted.

News

Turkey’s 10-year eurobond in market with final cost expectation of 6.10%

Bankers speculate that $2.5bn worth may be sold.

George Clooney says Hungarian government lied about his connections to Soros

Hungarian government likely to come off poorly from clash with Hollywood actor that puts the international spotlight on its politics.

Putin increases personal income tax for the first time in two decades

Russian President Vladimir Putin hiked personal income taxes from their flat 13% for the first time in two decades with a decree signed on November 22.

Belarus hits EU with tit-for-tat sanctions

The Belarusian government hit the EU and a number of European countries with tit-for-tat sanctions on November 22 and suspended all dialogue with the EU on human rights, according to the Belarusian Foreign Minister, Vladimir Makei.

Turkey seen as attracting $4bn via USD-TRY swaps during one week

Changed limits on provision of dollars to London at spot for lira woos portfolio inflows, but foreign players can at any time use their lira to short the currency.

Turkey’s 10-year eurobond in market with final cost expectation of 6.10%

8 hours ago

George Clooney says Hungarian government lied about his connections to Soros

17 hours ago

Putin increases personal income tax for the first time in two decades

1 day ago

Belarus hits EU with tit-for-tat sanctions

1 day ago

Turkey seen as attracting $4bn via USD-TRY swaps during one week

1 day ago

More News

Tech

Lithuanian telecom giant’s market value surges past €1bn after 5G launch

Telia Lietuva's stock began to rise after the company announced on November 10 that it was the first in Lithuania to start testing 11 5G base stations in the city centres of Vilnius, Kaunas and Klaipeda.

Ex-official’s electric vehicle start-up valued at $5.4bn

The UK-based Arrival electric vehicle start-up, founded by Russian businessman and ex-Deputy Minister of Communications Denis Sverdlov, announced this week that it intends to IPO on Nadaq with a $5.4bn valuation, reports The Bell.

Czech companies dominate this year’s Deloitte Technology Fast 50 CE

A record 21 Czech companies made it into the ranking of the region’s fastest growing tech businesses.

After raising $2.1mn, this Russian truck driving startup wants to become a unicorn

Fura, a Moscow-based startup offering high-tech services to truck drivers, has raised 160mn rubles ($2.1mn at the current exchange rate) in a Series A round led by an unnamed Swiss-Russian fund.

Twice as expensive as Elon Musk’s Starlink, Russia’s satellite Internet project still awaits state funding

Russia has plans to develop its own cluster of at least 500 “next-generation, multi-spectrum satellites,” starting from next year that will provide internet across the country's vast territory

Lithuanian telecom giant’s market value surges past €1bn after 5G launch

1 day ago

Ex-official’s electric vehicle start-up valued at $5.4bn

1 day ago

Czech companies dominate this year’s Deloitte Technology Fast 50 CE

5 days ago

After raising $2.1mn, this Russian truck driving startup wants to become a unicorn

6 days ago

Twice as expensive as Elon Musk’s Starlink, Russia’s satellite Internet project still awaits state funding

6 days ago

More Tech

Opinion

COMMENT: Moscow's new rules

Three decades on from the fall of the Soviet Union, Russia is learning to be just Russia. Its imperial ambitions have evaporated and its relations with its neighbours have become more pragmatic, as Kyrgyzstan, Belarus, Nagorno-Karabakh events show.

COMMENT: Ukraine is set up for a fast recovery

The Ukrainian economy is going through a typical V-shaped recovery – a 11.4% y/y drop in 2Q narrowed to c. 5% y/y decline in 3Q, according to SP Advisors, a Kyiv-based investment boutique that is a veteran of investing into Ukraine.

In Karabakh deal, as many questions as answers

The deal left unmentioned critical issues like the final status of Nagorno-Karabakh and Turkey’s role in implementing the ceasefire.

FPRI BMB Russia: Government mini-reshuffle

The Russian government underwent a mini-reshuffle yesterday that resulted in new leaders for five of its 21 ministries. In quick order, Putin announced the resignations of several ministers, after which PM Mikhail Mishustin proposed replacements.

CEE Banking Sectors: In crisis and recovery mode at the same time

There is positive news for all Central and Eastern Europe (CEE) commercial bankers, market observers and investment bankers. The fresh 2020 CEE Banking Report by Raiffeisen Research paints an encouraging picture of banking in CEE.

COMMENT: Moscow's new rules

9 days ago

COMMENT: Ukraine is set up for a fast recovery

8 days ago

In Karabakh deal, as many questions as answers

12 days ago

FPRI BMB Russia: Government mini-reshuffle

13 days ago

CEE Banking Sectors: In crisis and recovery mode at the same time

18 days ago

More Opinion

Data

Polish retail sales contract in October as COVID-19 restrictions and social gloom hit

Shops saw fewer customers in October, as restrictions limited people’s mobility and the general context of a surging pandemic weakened customer confidence.

Russia’s Watcom shopping index down again in November but stabilising

Russia’s Watcom shopping index continued to slide in early November. Although lower than at any time since the survey's launch in 2014, its decline rate is slowing. The fall was less than feared and the levels of foot traffic seem to be stabilising

Zagreb Stock Exchange’s Crobex10 index rallies to highest level since March

Crobex and Crobex10 indexes both up sharply on November 16 following positive vaccine news and Moody's upgrade.

Polish economy rebounds in Q3 but recovery unlikely to hold firm

Polish GDP fell a seasonally adjusted 2% y/y in the third quarter after retreating 7.9% y/y in April-June, a flash estimate released by the Central Statistical Office (GUS) showed.

Coronacrisis to get worse before it gets better forecasts wiiw

Most of CEE is heading for a double-dip recession this year as the latest wave of the crisis will result in fresh contractions in 4Q20, say wiiw economists.

Polish retail sales contract in October as COVID-19 restrictions and social gloom hit

1 day ago

Russia’s Watcom shopping index down again in November but stabilising

5 days ago

Zagreb Stock Exchange’s Crobex10 index rallies to highest level since March

7 days ago

Polish economy rebounds in Q3 but recovery unlikely to hold firm

8 days ago

Coronacrisis to get worse before it gets better forecasts wiiw

11 days ago

More Data

Features

Attack of the Debt Tsunami: global debt soars to a new all-time high

The coronacrisis has sent already record-high levels of global debt soaring to giddying new levels, reports the Institute of International Finance (IIF) in a note released on November 18.

Kyrgyzstan's China debt: Between crowdfunding and austerity

Beijing does not appear disposed to give too much leeway.

Rural Russians are moving to cities to escape the impoverished regions

The coronavirus (COVID-19) story in most of Russia’s regions is bleak and Russians are increasingly moving to the cities looking for a better life.

Just how close is Belarus to an economic crisis?

Gripped with the lingering political turmoil, the Belarusian economy is sinking despite a $1.5bn loan lifeline thrown to it by the Kremlin to help Belarus’ self-appointed leader Alexander Lukashenko tough out a huge political and economic crisis.

Why has devaluation not helped Turkey’s current account balance?

The currencies of the major emerging markets (EMs) have been gradually depreciating over the last three decades, but that normally helps the current account balance. In Turkey's case the opposite is happening.

Attack of the Debt Tsunami: global debt soars to a new all-time high

5 days ago

Kyrgyzstan's China debt: Between crowdfunding and austerity

7 days ago

Rural Russians are moving to cities to escape the impoverished regions

8 days ago

Just how close is Belarus to an economic crisis?

8 days ago

Why has devaluation not helped Turkey’s current account balance?

12 days ago

More Features

Blogs

ISTANBUL BLOG: Turkey’s official figures (and moustaches) are a little too neat

New finance minister, who is sold as “orthodox”, issues same growth forecast as his predecessor. Moment of truth nears for those invested in upcoming rates announcement.

BEYOND THE BOSPORUS: Foreign investors on the roller-coaster, Turks stick to ‘wait-and-see’

Erdogan in self-survival mode is signalling to Biden that he’s a weathercock. The market wants to know whether his words will extend to meaningful action in monetary and other policies.

BEYOND THE BOSPORUS: Lira in sharpest weekly advance since 1994 as “market pursues volatility”

Big move enters chart in which the years are seen as ‘keywords’ when it comes to Turkey. Why so? Because they were all crisis years.

ISTANBUL BLOG: The Man With the Golden Swab. UK’s spymaster visits palace after Erdogan family implosion

With coronavirus raging all around, “C” has been on Her Majesty’s secret service in Ankara. What was so pressing that it couldn’t wait?

MOSCOW BLOG: START II is a chance to renew relations between Russia and the West

The Cold War-era Strategic Arms Reduction Treaty II (START) missile treaty is due to expire in February and is a golden opportunity for the West to actually force some change on the Kremlin.

ISTANBUL BLOG: Turkey’s official figures (and moustaches) are a little too neat

7 days ago

BEYOND THE BOSPORUS: Foreign investors on the roller-coaster, Turks stick to ‘wait-and-see’

8 days ago

BEYOND THE BOSPORUS: Lira in sharpest weekly advance since 1994 as “market pursues volatility”

9 days ago

ISTANBUL BLOG: The Man With the Golden Swab. UK’s spymaster visits palace after Erdogan family implosion

11 days ago

MOSCOW BLOG: START II is a chance to renew relations between Russia and the West

12 days ago

More Blogs

Latest Updates

News

Bankers speculate that $2.5bn worth may be sold.

Hungarian government likely to come off poorly from clash with Hollywood actor that puts the international spotlight on its politics.

Russian President Vladimir Putin hiked personal income taxes from their flat 13% for the first time in two decades with a decree signed on November 22.

The Belarusian government hit the EU and a number of European countries with tit-for-tat sanctions on November 22 and suspended all dialogue with the EU on human rights, according to the Belarusian Foreign Minister, Vladimir Makei.

Changed limits on provision of dollars to London at spot for lira woos portfolio inflows, but foreign players can at any time use their lira to short the currency.

Tech

Telia Lietuva's stock began to rise after the company announced on November 10 that it was the first in Lithuania to start testing 11 5G base stations in the city centres of Vilnius, Kaunas and Klaipeda.

The UK-based Arrival electric vehicle start-up, founded by Russian businessman and ex-Deputy Minister of Communications Denis Sverdlov, announced this week that it intends to IPO on Nadaq with a $5.4bn valuation, reports The Bell.

A record 21 Czech companies made it into the ranking of the region’s fastest growing tech businesses.

Fura, a Moscow-based startup offering high-tech services to truck drivers, has raised 160mn rubles ($2.1mn at the current exchange rate) in a Series A round led by an unnamed Swiss-Russian fund.

Russia has plans to develop its own cluster of at least 500 “next-generation, multi-spectrum satellites,” starting from next year that will provide internet across the country's vast territory

Opinion

Three decades on from the fall of the Soviet Union, Russia is learning to be just Russia. Its imperial ambitions have evaporated and its relations with its neighbours have become more pragmatic, as Kyrgyzstan, Belarus, Nagorno-Karabakh events show.

The Ukrainian economy is going through a typical V-shaped recovery – a 11.4% y/y drop in 2Q narrowed to c. 5% y/y decline in 3Q, according to SP Advisors, a Kyiv-based investment boutique that is a veteran of investing into Ukraine.

The deal left unmentioned critical issues like the final status of Nagorno-Karabakh and Turkey’s role in implementing the ceasefire.

The Russian government underwent a mini-reshuffle yesterday that resulted in new leaders for five of its 21 ministries. In quick order, Putin announced the resignations of several ministers, after which PM Mikhail Mishustin proposed replacements.

There is positive news for all Central and Eastern Europe (CEE) commercial bankers, market observers and investment bankers. The fresh 2020 CEE Banking Report by Raiffeisen Research paints an encouraging picture of banking in CEE.

Data

Shops saw fewer customers in October, as restrictions limited people’s mobility and the general context of a surging pandemic weakened customer confidence.

Russia’s Watcom shopping index continued to slide in early November. Although lower than at any time since the survey's launch in 2014, its decline rate is slowing. The fall was less than feared and the levels of foot traffic seem to be stabilising

Crobex and Crobex10 indexes both up sharply on November 16 following positive vaccine news and Moody's upgrade.

Polish GDP fell a seasonally adjusted 2% y/y in the third quarter after retreating 7.9% y/y in April-June, a flash estimate released by the Central Statistical Office (GUS) showed.

Most of CEE is heading for a double-dip recession this year as the latest wave of the crisis will result in fresh contractions in 4Q20, say wiiw economists.

Features

The coronacrisis has sent already record-high levels of global debt soaring to giddying new levels, reports the Institute of International Finance (IIF) in a note released on November 18.

Beijing does not appear disposed to give too much leeway.

The coronavirus (COVID-19) story in most of Russia’s regions is bleak and Russians are increasingly moving to the cities looking for a better life.

Gripped with the lingering political turmoil, the Belarusian economy is sinking despite a $1.5bn loan lifeline thrown to it by the Kremlin to help Belarus’ self-appointed leader Alexander Lukashenko tough out a huge political and economic crisis.

The currencies of the major emerging markets (EMs) have been gradually depreciating over the last three decades, but that normally helps the current account balance. In Turkey's case the opposite is happening.

Blogs

New finance minister, who is sold as “orthodox”, issues same growth forecast as his predecessor. Moment of truth nears for those invested in upcoming rates announcement.

Erdogan in self-survival mode is signalling to Biden that he’s a weathercock. The market wants to know whether his words will extend to meaningful action in monetary and other policies.

Big move enters chart in which the years are seen as ‘keywords’ when it comes to Turkey. Why so? Because they were all crisis years.

With coronavirus raging all around, “C” has been on Her Majesty’s secret service in Ankara. What was so pressing that it couldn’t wait?

The Cold War-era Strategic Arms Reduction Treaty II (START) missile treaty is due to expire in February and is a golden opportunity for the West to actually force some change on the Kremlin.

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