exorbitant rates and export duties will not make Russia richer – Kommersant

Businessman Oleg Deripaska stated in his Telegram channel that cities with a population of 50-250 thousand people could become points of regional growth if there are “reasonable” programs to support small and medium-sized businesses. But, according to him, while loan rates remain minimal at 16%, and profits are “totally seized by export duties,” this is “not worth even dreaming about.”

“Today’s policy of total withdrawal of funds from citizens through exorbitant rates and extortions from private businesses will not make our country richer, or these cities prosperous,” he wrote.

Oleg Deripaska, as the “easiest way” out of this situation, suggested “stop putting pressure on business people” and “turn to the successful ones with a request to take one city at a time and turn it into a garden city.” According to him, many would respond to such an offer.

At the end of September, as a result of the Central Bank raising the key rate to 13%, mortgage rates began to rise. At the same time, growth is observed not only in market mortgages, but also in preferential programs. Now the minimum mortgage rate at Sberbank for market programs starts from 14.2%, for preferential ones – from 8%. Rates also increased at VTB, Dom.RF, Sovcombank, Alfa-Bank and others.

Read more in the Kommersant article. “Demand creates settlement”