Category: Economics

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Financial news: On December 25, 2025, JSC “SME Corporation” will hold a deposit auction.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

Parameters;

The deposit auction date is December 25, 2025. Placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 1,720,000,000. Placement term, days 42. Date of depositing funds is December 25, 2025. Date of return of funds is February 5, 2026. Minimum placement interest rate, % per annum is 15. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 1,720,000,000. The maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open).

The basis of the Agreement is the General Agreement. Schedule (Moscow time): Preliminary bids from 10:30 to 10:40. Competitive bids from 10:40 to 10:50. The cutoff percentage may be set or the auction may be declared void by 11:30. Additional terms and conditions.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: Corporate lending and mortgages continued to grow rapidly in November.

Translation. Region: Russian Federation –

Source: Central Bank of Russia

An important disclaimer is at the bottom of this article.

Bank lending to companies (including bonds) increased by 1.9% in November (2.5% in October), with large government and commercial organizations accounting for about a third of the increase. Companies continued to demonstrate increased demand for loans amid a gradual recovery in economic activity amid monetary easing.

Household mortgage debt increased by 1.4% in November, following a 1.2% increase in October. High growth at the end of the year is typical for the mortgage segment. Moreover, government-backed loans accounted for approximately 80% of all issued loans.

According to preliminary data, the consumer loan portfolio continued to shrink (-0.7% after -0.4% in October), mainly in the cash loan segment.

The growth of client funds slowed slightly in November, to 1.2% (1.6% in October). The volume of household funds remained virtually unchanged after a significant increase in October (1.6%), partly due to the advance payment of November social benefits. The growth of corporate funds accelerated to 2.6% (1.7% in October), driven by deposits into ruble accounts, including those of oil and gas companies.

The sector's net profit for November amounted to 394 billion rubles (310 billion rubles the previous month), with this growth driven primarily by non-core revenues. Balance sheet capital increased by 421 billion rubles, exceeding earned profit due to the positive revaluation of securities, which is reflected directly in equity.

For more details, read the information and analytical material "On the development of the banking sector of the Russian Federation in November 2025".

Preview photo: Brum / Shutterstock / Fotodom

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: 12/24/2025, 11:35 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the RU000A0ZYFM5 security (DOM.RF B-8) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

December 24, 2025

11:35

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by the National Credit Center (JSC) on 24.12.2025, 11:35 (Moscow time), the values of the upper limit of the price corridor (up to 104.8) and the range of market risk assessment (up to 1101.55 rubles, equivalent to a rate of 7.5%) of the security RU000A0ZYFM5 (DOM.RF B-8) were changed.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: On December 24, 2025, the Federal Treasury will hold a deposit auction of 22,025,447.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

Application selection parameters;

Application selection date is 24.12.2025. Unique application selection identifier is 22,025,447. Deposit currency is rubles. Type of funds is the Unified Treasury Account. The maximum amount of funds placed on bank deposits, in monetary units is 398,000,000,000. Placement period, in days is 2. Date of depositing funds is 25.12.2025. Date of return of funds is 26.12.2025. Interest rate for placing funds (fixed or floating) is FIXED. Minimum fixed interest rate for placing funds, % per annum is 15.28. Basic floating interest rate for placing funds is the Minimum spread, % per annum. Terms and conditions of concluding a bank deposit agreement (fixed-term, replenishable or special) is Fixed-term. The minimum amount of funds placed for one application, in monetary units, is 1,000,000,000. The maximum number of applications from one credit institution, pcs. 2. Application selection form (Open with random completion, Closed, Open with extension). Open with random completion. Application selection schedule (Moscow time). Venue for application selection: Moscow Exchange. Applications will be accepted from 10:00 to 10:10. Applications in preliminary mode from 10:00 to 10:05. Applications in competition mode from 10:05 to 10:10. Random trading end period (sec.): 120 Bid increment:

Time step (sec.):

Extension period end time:

Formation of a consolidated register of applications from 11:10 to 11:30. Setting the cutoff interest rate and (or) recognizing the selection of applications as unsuccessful from 11:10 to 11:40. Sending an offer to credit institutions to conclude a bank deposit agreement from 11:40 to 11:55. Receipt of acceptance of the offer to conclude a bank deposit agreement from credit institutions from 11:40 to 11:55. The time of deposit transfer in accordance with the requirements of paragraphs 63 and 64 of the Order of the Federal Treasury dated April 27, 2023 No. 10n

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: On December 24, 2025, JSC KAVKAZ.RF will hold a deposit auction.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

Parameters;

The deposit auction date is 24.12.2025. Placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 130,000,000. Placement term, days – 29. Date of depositing funds is 25.12.2025. Date of return of funds is 23.01.2026. Minimum placement interest rate, % per annum is 15.57. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 130,000,000. The maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open).

The Agreement is based on the General Agreement. Schedule (Moscow time). Preliminary bids from 10:00 to 10:10. Competitive bids from 10:10 to 10:15. The cutoff percentage or the auction's invalidity may be determined by 10:25. Additional terms

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Denis Manturov chaired the final meeting of the board of the Military-Industrial Commission.

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

Denis Manturov chaired the final meeting of the Military-Industrial Commission board.

First Deputy Prime Minister Denis Manturov chaired the final meeting of the Military-Industrial Commission board for 2025. The event was attended by Aide to the President of Russia Alexei Dyumin, the heads of the Ministry of Emergency Situations Alexander Kurenkov, the Ministry of Industry and Trade Anton Alikhanov, the Ministry of Health Mikhail Murashko, the Ministry of Finance Anton Siluanov, the Director of the Russian National Guard and Commander-in-Chief of the Russian National Guard Viktor Zolotov, and the heads of Rostec Sergei Chemezov and Roscosmos Dmitry Bakanov.

The meeting participants discussed the preliminary results of the defense industry's performance in 2025. The First Deputy Prime Minister stated that the timely delivery of the required quantities of highly sought-after weapons and military equipment to the Ministry of Defense is an absolute priority. Among the key tasks for next year is the development of a new state program for the defense industry's development, the implementation of which must be synchronized with the state armaments program. The First Deputy Prime Minister also emphasized the need to further improve the technological capabilities of the defense industry, including through the introduction of artificial intelligence and other digital solutions into various types of weapons.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: On holding auctions on December 24, 2025 to place OFZ issues No. 26250RMFS and No. 26252RMFS.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

For bidders

We inform you that, based on a letter from the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Trading on the Stock Market, Deposit Market, and Loan Market of Moscow Exchange PJSC, the order establishes the form, time, duration, and procedure for holding auctions for the placement and trading of the following federal loan bonds:

1.

Name of the Issuer Ministry of Finance of the Russian Federation
Name of the security federal loan bonds with constant coupon income
State registration number of the issue 26250RMFS from June 20, 2025
Date of the auction December 24, 2025
Information about the placement (Trading mode, placement form) The placement of Bonds will be carried out in the “Placement: Auction” trading mode by holding an Auction to determine the placement price.BoardId: PACT (Settlement: Ruble)
Trade code SU26250RMFS9
ISIN code RU000A10BVH7
Settlement code B01
Additional conditions of placement

The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

2.

Name of the Issuer Ministry of Finance of the Russian Federation
Name of the security federal loan bonds with constant coupon income
State registration number of the issue 26252RMFS from October 17, 2025
Date of the auction December 24, 2025
Information about the placement (Trading mode, placement form) The placement of Bonds will be carried out in the “Placement: Auction” trading mode by holding an Auction to determine the placement price.BoardId: PACT (Settlement: Ruble)
Trade code SU26252RMFS5
ISIN code RU000A10D4Y2
Settlement code B01
Additional conditions of placement

The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time Trading hours: bid collection period: 12:00–12:30; bid execution period: 13:00–18:00.

Contact information for media: 7 (495) 363-3232PR@moex.com

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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A positive trend: inflation in Russia has slowed to 5.8%.

Translation. Region: Russian Federation –

Source: Mainfin Bank –

An important disclaimer is at the bottom of this article.

Image: mainfin.ru

What was the growth rate of consumer prices in Russia in mid-December?

Inflation in the country began to slow in December – prices rose by 0.05% in the first week of the month, and by 0.06% in the second. Since the beginning of the year, the increase has been approximately 5.4%. Compared to last year, inflation has slowed. According to the Central Bank, in December 2024, the price growth rate was 6.12%, and now it is 5.8%.

The Ministry of Economic Development also confirms this trend: in the first ten days of December, inflation slowed to 6.08% (compared to 6.34% a year earlier). However, experts agree that the slowdown in price growth is only temporary, driven by seasonal factors; it's too early to talk about the sustainability of this trend.

What will happen to inflation in Russia at the beginning of 2026?

The slowdown in price growth in December is a positive development, but inflation expectations remain high in the country. Price growth for goods and services is projected to accelerate in the first months of 2026, driven by several factors:

An increase in the VAT rate from 20 to 22%; the abolition of certain business benefits that reduce the tax burden; high borrowing activity among Russians; and a worsening budget deficit.

"The state budget for next year includes a key rate of 12-13% per annum, but the Central Bank of the Russian Federation believes the actual rate will exceed the forecast level: this contradiction calls into question the ability to fulfill budget plans," the pessimistic expert believes.

Moreover, at its most recent key rate meeting, the Central Bank of Russia noted that monetary policy in Russia will remain tight. The regulator is signaling the end of the rate cut cycle, and if inflation accelerates, the rate may even be revised upward. The next key rate decision will be made on February 13, 2026. The Central Bank expects inflation to fall below 5% next year.

15:30 12/23/2025

Source:

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: On December 24, 2025, JSC “SME Corporation” will hold a deposit auction.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

Parameters;

The deposit auction date is 24.12.2025. Placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 964,000,000. Placement term, days 89. Date of depositing funds is 26.12.2025. Date of return of funds is 25.03.2026. Minimum placement interest rate, % per annum is 15. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 964,000,000. The maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open).

The basis of the Agreement is the General Agreement. Schedule (Moscow time): Preliminary bids from 10:30 to 10:40. Competitive bids from 10:40 to 10:50. The cutoff percentage may be set or the auction may be declared void by 11:30. Additional terms and conditions.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Financial news: 12/23/2025, 15-19 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the SU26231RMFS9 security (OFZ 26231) were changed.

Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

An important disclaimer is at the bottom of this article.

December 23, 2025

15:19

In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by the National Credit Center (JSC) on 23.12.2025, 15-19 (Moscow time), the values of the upper limit of the price corridor (up to 19.5) and the range of market risk assessment (up to 226.21 rubles, equivalent to a rate of 50.0%) of the security SU26231RMFS9 (OFZ 26231) were changed.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.