Driven by strong investment and manufacturing, global GDP remained robust, reaching 3.4 percent in the third quarter of 2017.
Oil prices strengthened in November 2017, reflecting a reduction of large surpluses due to rising OECD oil demand and the extension of the OPEC/non-OPEC agreement through the end of 2018.
In November, the ruble depreciated despite the higher oil prices, reflecting increased concerns over the expansion of sanctions and larger purchases of currency by the Ministry of Finance.
In Russia, growth weakened in October, and industrial production dropped in November on the back of poor performance in manufacturing.
The 12-month Consumer Price Index registered another record low in November. In December, the Central Bank of Russia (CBR) cut the key rate by 50 bp to 7.75 percent in annual terms as the extension of the agreement to reduce oil production brought down pro-inflationary risks over a one-year horizon.
Another systemically important bank was bailed out by the CBR in December, making it the third bank undergoing resolution by the Banking Sector Consolidation Fund this year.
Loss of capital and the recognition of negative financial results of banks under resolution (Otkritie and B&N Bank) weakened the overall performance of the banking sector in October.
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