07:14 GMT +311 December 2017
Listen Live
    Central Bank of Russia

    Russian Central Bank Against Stimulating Economy Through Banking Regulation

    © Sputnik/ Natalia Seliverstova
    Russia
    Get short URL
    234

    Stimulating economic growth through banking regulations would be wrong, First Deputy Governor of the Bank of Russia Alexey Simanovskiy said Tuesday.

    TULA (Sputnik) — Russian Central Bank chooses not to boost the economy through banking regulations: 

    "I believe we worked pretty good in 2015 in regard to regulatory challenges. What are this year's tasks? The first task is to at least avoid succumbing to the temptation of stimulating economic growth through banking regulations," Simanovskiy told reporters.

    In December 2014, the Central Bank sharply increased key rates to 17 percent because of the necessity to limit growing devaluation and inflation risks. Throughout 2015, the bank lowered the key rates, finally setting it at 11 percent in August.

    On Friday, the Bank of Russia kept interest rates at 11 percent. Russian Economic Development Minister Alexei Ulyukayev said Monday that the key rate could be lowered later in the year.

    Related:

    Economy Minister: Russian Central Bank May Lower Interest Rates in 2016
    Russia's Foreign Debt Down to $515.2Bln in 2015 - Central Bank
    Russian Gold Reserves Up by 208 Tons in 2015 – Central Bank
    Tags:
    banking, boost, regulation, economy, Russian Central Bank, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment