Financial news

Mr. Kudrin Does Not Exclude the Decrease in the Rate of Refinancing

22 апреля 2009 г.

The Vice-premier — the Minister of Finance of the Russian Federation Mr. Alexey Kudrin considers it is possible that rate of refinancing of Bank of Russia will gradually decrease. «Inflation tends to decrease, so gradual reduction of the rate is probable», - Mr. Kudrin has told.

On his opinion, the influence of the Bank of Russia on the loan rate remains as low as it was previously. Via the rate of refinancing, the Central Bank mirrors risks in the economy, inflation and it is a stop for excessive flows of money in economy. At the present the Central Bank reduces volumes of the loans, and it means that it should not reduce the credit rate at all.

The Vice-premier has reminded that this winter there has been occurred a so called "boom" for loans of Bank of Russia. And the present share of the Central Bank of the Russian Federation loans within the resource base is 14 % and there is a tendency to decrease. At the same time, the budget will fill up liquidity in economy due to deficiency.

Mr. Kudrin has declared, that « the acute problems of banks are increscent non-returns of the loans: their monthly increase is about 14 percent ». «And it is clear, that all-over development will progress upon this logic», — the Minister considers.

Thus he has explained that in Russia non-returns of credits are defined as non-returns of the given payment. At the same time, if to bring this parameter into accordance with the international standards it should be increased in 2, 5 times. Therefore just now the non-return of the loans is 7, 5 %.

«Capitalization from shareholders’ side will be required to banks. For this reason we are ready to give subordinated loans under the terms of co-financing with the state», — Mr. Kudrin has noticed.
 

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