The text to monitoring
the Last week it has appeared extremely rich on number of the events having basic importance for the financial policy. The Central Bank together with the government has established borders of rate fluctuation of rouble. The Ministry of Finance has prepared the first variant of the project of the budget the next year. The government has decided to obtain the next loan of IBRD for financing of import purchases and has confirmed the list of the goods for VAT taxation under the lowered rate. The parliament some times reminded that he too wants to supervise the finance.
the Greatest attention last week has involved the government and Central Bank joint statement “ About the politician of an exchange rate of rouble in the third quarter 1995 “. It is quite natural, as the course policy is hardly probable not a basis of all state finance of Russia. The decision essence is rather simple - for term borders of changes of an exchange rate of rouble in the exchange and interbank currency market from 4300 to 4900 roubles for US dollar from July, 6th till October, 1st are established. Thus the authorities undertake not to interfere with purchase and foreign currency sale in the internal currency market; the course will be supported by measures “ budgetary, monetary - the credit and currency policy “. Thus the Central Bank as though shows that original game spent till now on dollar fall stops - currency reserves of the state have considerably replenished, the considerable rouble sums which are declared " are thrown in economy as a result of buying up of dollars by the Central Bank; not inflationary “ and now commercial banks, the enterprises and the population are offered not to be interested in the currency market any more as till October, 1st anything remarkable there will not occur.
occurrence of the first official project of the budget the next year has appeared One more important event. The Ministry of Finance has reduced together all branch demands which have made 972 trln roubles and, naturally, considerably cut down them. As a result budgetary expenses next year will make 440 trln roubles, incomes - 355 trln roubles, deficiency - 85 trln roubles, or 4 % from a total internal product. The policy of a covering of deficiency remains, in general, former: at the expense of internal loans it will be covered by 50 bln. roubles, at the expense of external - 35 trln roubles. The budgetary committee of the State Duma with similar plans does not argue yet. Last week he has approved the bill “ About an order of consideration and the statement of the federal budget for 1996 “. According to it the budget - 96 will be discussed in the Duma in three readings. The government should bring in the Duma the budget project on August, 1st so that the first reading has taken place not later than October, 10th (during the first reading the concept and the basic characteristics of the budget will be confirmed). In the second reading will pass postatejnoe budget discussion, in the third reading it will be discussed as a whole. The budgetary committee also has approved the project of the decision of the Duma “ About the commission on preparation of the project of the federal budget for 1996 to consideration in the State Duma “. It will be offered to government to take part in the joint commission with the State Duma on preparation of the project of the budget - 96. It is supposed that this commission will begin work on September, 1st so that to October, 1st to develop a joint position of the government and the Duma.
rather symptomatic there was a governmental order which has appeared on last week “ About agreement signing between the Russian Federation and the International bank of reconstruction and development about the Second rehabilitation loan “. As a result of manipulations at a stock exchange the state has already saved up considerable currency resources, however it does not prevent to ask to it at the slightest possibility from the international financial organisations additional credits. This time it is a question of a loan at a rate of $600 million on rather original purpose - “ financing of purchases on import for the purpose of support of the Russian program of macroeconomic stabilisation and structural transformations “. Naturally, successes in reception of foreign loans do the budget less dependent on internal tax revenues and allow the authorities even to show a certain aspiration to lower tax burden - especially in that, as to “ socially significant “ the goods (for example, food). Last week there was a governmental decree “ About articles of food on which the rate of the tax to the added cost at a rate of 10 percent " is applied;. According to this document such lowered rate of the VAT is applied at sale of meat, milk, kefir, cottage cheese, vegetative and animal oil, eggs, bread, sugar, salt, fish, seafood, vegetables, a potato, products of baby food, a flour, groats and pasta.
Certainly, the State Duma also could not stand aside last week from the financial policy and constantly reminded, as it something means. For example, in the second reading the bill " has been approved; About alienation of the actions (share holdings) fixed in the federal property and about entering of objects of the federal property as contributions to payment of authorised capital stocks of economic associations and societies “. The sense of the project is rather radical - the parliament wants to supervise realisation of favourite idea of the government about reception of additional budgetary incomes at the expense of state property sale. However, to the second reading the bill became slightly softer. Now, in particular, the government is offered most to define the list of the objects which sale demands the obligatory statement parliament. Deputies have decided to check and Central Bank activity. Last week the law " has been passed; About entering of additions into article 5 of the federal law ` About modification and additions in the Law of RSFSR ` About the central bank of RSFSR (Bank of Russia) ““ according to which Central Bank has no right to transfer to someone stock of the Savings Bank belonging to it without the special decision of parliament.
ECONOMIC POLICY DEPARTMENT