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Kremlin Cuts Pay For President, PM
6.03.2015 17:16
Kremlin Cuts Pay For President, PM
Photo Credit: http://strana.ru

The Kremlin has announced a 10 percent cut in salaries for top officials including the president and the premier.

      The reduced pay is a temporary move, set to last until the end of this year.

      Earlier, Russia-IC reported that Russia is in for more trouble as 2015 is likely to see a drop in the prices of major commodities.

      According to the latest Commodity Markets Outlook, a report by the World Bank, all nine key commodity price indices may plunge following a dive in oil prices. “This broad-based weakness is expected to continue throughout 2015, before beginning a modest turn around in 2016,” runs the report.

      The World Bank’s three industrial commodity price indices – energy, metals and minerals, and agricultural raw materials – “experienced near identical declines between early 2011 and the end of 2014, of more than 35 percent each, and will continue to contract this year.”

      “Prices of precious metals are also expected to decline by 3 percent in 2015, on top of the 12 percent decline seen in 2014. Again, ample supplies, weak demand, and a strengthening U.S. dollar have weighed on prices of these commodities as well,” reads the press release.

      Food commodity prices are projected to drop by a further 4 percent in 2015 while metal prices are likely to go down by more than 5 percent. “The moderation in natural gas prices is expected to lead to a 2 percent decrease in fertilizer prices,” says the statement.

      Russia’s GDP may drop 3-4 percent in 2015 amid sanctions and rouble devaluation, says the Central Bank’s governor.

      The projection will hold true if oil prices remain around 50 dollars a barrel, Elvira Nabiullina was quoted by Bloomberg as saying.

       


Author: Mikhail Vesely

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