Deripaska called on the Central Bank to cut the key rate to 4%

The key rate of the Bank of Russia should be at the level of 4% in order to fight the existing economic problems through investments, businessman Oleg Deripaska believes. About it informed Interfax.

“We see that the economy is struggling with the conditions in which it finds itself. For a successful struggle, investments are needed, to expand demand, it is necessary to increase construction, mortgages, the rate should have been at the level of 4% for a long time,” Deripaska said. According to him, this will solve the problem of profitability of export enterprises that are losing revenue, but their costs in rubles due to inflation remain the same.

Board of Directors of the Bank of Russia at a meeting on July 22 lowered key rate by 1.5 points, up to 8%. This is the fifth consecutive reduction of the key rate after the Central Bank raised it from 9.5% to 20% on February 28 due to radically changed conditions in the economy. From April 8, the rate began to decline. The Bank of Russia noted that they would make further decisions on the key rate, taking into account the actual and expected inflation dynamics relative to the target (4%), the process of economic restructuring, as well as assessing the risks from internal and external conditions and the reaction of financial markets to them.

By data Ministry of Economic Development, annual inflation in Russia from 23 to 29 August slowed down to 14.31%.

Previously became knownthat the Ministry of Industry and Trade has developed a mechanism for a new preferential lending program for manufacturing enterprises – industrial mortgage. The ministry plans to provide a rate of 3% per annum for innovative technology companies and 5% for other borrowers.