04:14 GMT30 September 2020
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    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.


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