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[email protected] www.iep.ru RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES 08’2011 MONTHLY BULLETIN: THE RUSSIAN ECONOMY IN AUGUST: PRELIMINARY RESULTS AND MAJOR TRENDS 2 THE POLITICAL AND ECONOMIC RESULTS OF AUGUST 2011 (S.Zhavoronkov) 4 INFLATION AND MONETARY POLICY (N.Luksha) 7 FINANCIAL MARKETS (N.Burkova, E.Khudko) 10 REAL ECONOMY: TRENDS AND FACTORS (O.Izryadnova) 16 INVESMENTS IN REAL ECONOMY SECTOR (O.Izryadnova) 19 FOREIGN TRADE (N.Volovik, K.Kharina) 24 STATE BUDGET (E.Fomina) 28 RUSSIAN BANKING SECTOR (S.Borisov) 31 HOUSING MORTGAGE IN THE RF (G.Zadonsky) 35 ECONOMIC GROWTH FACTORS IN 2010 – THE FIRST HALF YEAR OF 2011 (E.Astafi eva) 39 ECONOMIC LEGISLATION REVIEW (I.Tolmacheva) 42 REVIEW OF THE RUSSIAN FEDERATION GOVERNMENT IN AUGUST 2011 (M.Goldin) 44 AN OVERVIEW OF NORMATIVE DOCUMENTS ON TAXATION ISSUES FOR JULY AND AUGUST 2011 45 (L.Anisimova) AMENDMENTS TO THE BUDGETING LEGAL FRAMEWORK (M.Goldin) 50 RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES THE RUSSIAN ECONOMY IN AUGUST: PRELIMINARY RESULTS AND MAJOR TRENDS The socio-political situation in August 2011 was rather calm although more ‘businesslike’ than usually. The most notable event was Georgy Poltavchenko’s appointment to the post of St Petersburg governor. In his previous role of the RF President’s Representative in the Central Federal District, Poltavchenko had defi nitely failed to achieve much in the public sphere, and proved himself one of the most lackluster offi cials of this rank.