9.9**

*) - estimates, averagefor period

**) - statistical data, as ofthe end of October 1996.

Fig. 2.18

The lowering of the mandatory reserves normas for the assets in Rubles from November 1996 has not, either, led to thesituation improvement, because the freed resources had to be allotted to theobservation of the 2‑fold grown norms of the hard currency reserves, thus limiting thepossibilities of the long-term crediting in hard currencies.

The situation of the corporate securitiesmarket in 1996 can be characterized as the uncertain enough and of smallinfluence on the real sector of the economy. Just as in the preceding years,the secondary market of the corporate securities was rather controlled by thelarge-size enterprises of the fuel and power complex, metallurgy, transport,and telecommunications, though the growth of the share of the issuers fromother industries was observed. The share of the financial transactions with thecorporate securities in the total volume of the stock market transactionsremained low ion 1996.

The negative influence on the market alsocame from the swift reduction of the governmental investments, not compensatedby the private ones. The specific share of the governmental investments fromthe assets of the Federal Budget reduced from 2.95% in 1992 to 0.72% in 1996.The share of the really financed investment expenditures from the Budget underthe Federal Investment Program amounted to about 4% of the total volume of theinvestments in Russia coming from all the financing sources. Most of theplanned investment expenditures were financed from the Budget not in whole anduntimely.

As for the results of 1996, Rbl.а16.4аtrln.of the governmental investments were financed, or 49% of the year allotments;of them, about Rbl.а2.6аtrln. or 16% were charged to redeem the creditindebtedness. The program of the defense industry conversion was financed for16.3%, while the investments planned for the tender placement were financed foronly 6.4% of the planned allotments for the year; moreover, their share in theexpenditures on the governmental investments was less than 9%. Such situationdestabilizes the capital investments market and reduces the trust of privatepersons in the Government.

Under the budgetary crisis aggravated in1996, the Government had to sequester the unprotected items of the Budget,giving priority to the solution of the social problems. As a result, the 1996investment program actually failed. Moreover, the Government continuedincreasing the domestic borrowing volumes and accumulated the financialresources which could have been invested in the real sector by the privatecapital.

The population invests the accumulatedassets in the economy at a low level, either. With the high inclination to theaccumulation of the financial incomes (about 23%) the population invests themoney, mainly, in the hard currencies preferred to the Ruble investments andsecurities purchase.

Institutional structure. In the capitals market, the private economy sector is dominating;in 1996, its share amounted to 73% of the total volume of investments againstthe 68.5% of 1995. The unstable political situation, the remaining highprofitability of the financial transactions and risks of the long-terminvestments in the real sector have determined the passive character of theinvesting activity of the private and joint stock capitals.

Substantial changes have occurred in thefinancing sources structure for the housing construction. As of today, the mainsources are the out-budget assets combined with the various forms ofgovernmental support for natural persons and legal entities, taking part in thehousing construction financing. More and more foreign investments are mobilizedin the housing construction; they are directed, mainly, to the construction ofthe dwelling homes for the families of the military people. As of the end of1996, the share of the budgetary assets in the housing construction reduced to12%, including a little more than 6% at the expense of the federalBudget.

In 1996, enterprises and organizations ofall the forms of property put into operation the living homes of34.3аmnаm2 of total surface,which is by 16% less than in 1995. The slowdown of the dwelling constructionrates has been conditioned by the substantial difficulties with the housingprogram financing at the expense of the federal Budget. In 1996, about 11% ofthe individual living homes were built at the expense of thepopulation.

Table 2.30

Structure of investments in fixed capitalby forms of property, from all the financing sources, % of theresult

Source: Russian Goscomstat

Table 2.31

Dwelling homes put into operation for allforms of property

Source: Russian Goscomstat

Table 2.32

Structure of investments in fixed capitalby sectors of economy, % of result

	1993	1994	1995	1996
Investments in fixed capital, total	100	100	100	100
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