MOSCOW, March 19 – RIA Novosti. Economic Development Minister Alexei Ulyukayev said that the key rate of the Bank of Russia at the present moment has already fulfilled the function of ensuring financial stability, and because its level is much higher than the current inflation annual basis, it should be reduced to stimulate economic growth in the country.
The Bank of Russia on Friday for the fifth time kept its benchmark rate unchanged at 11%, while inflation stood at 7.9% in annual terms in the middle of March .
since January 2013, over the past 39 months, once the interest rate was so much higher than the rate of inflation, as it is now – in December 2014, the Central Bank sharply raised it to 550 basis points, to knock down the panic on the foreign exchange market against the backdrop of the collapse of the ruble, the Minister reminded.
“since then, and until then, and then the interest rate was a below inflation, or slightly higher. But never been with such a large gap as it is today. Therefore, I am deeply convinced that their duties to ensure the financial stability of the extremely high rate of successfully performed. And now we need to think about the relationship between the risks on inflation and risk for economic growth “, – said Ulyukayev said in an interview to” Vesti Sergei Brilev “
According to the minister, the Russians began to spend less and more over the past year. to save money, “rightly worried about their future”.
“of course, by itself decrease the key rate will not change the situation fundamentally. But the fact that inflation is lower that the loans become more affordable, so it is possible to invest in new projects. This generally means the growth opportunities in consumer population. In order to go back to a more active consumer position. It is sure to come, but we do not know when, “- concluded Ulyukayev
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