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Gref, Ulyukayev disagree about Central Bank’s rates

January 25, 2013, 20:03 UTC+3
On January 15, The Board of Director of CBR made a decision to keep unchanged its refinancing rate and interest rates
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DAVOS, January 25 (Itar-Tass) – Chairman of Russia’s biggest bank Sberbank (Savings Bank) German Gref and Deputy Chairman of the Central Bank of Russia Alexei Ulyukayev were disagree on Friday pertaining to the level of the Central Bank’s interest rate. Gref speaks in favour of the indicator’s decrease, while Ulyukayev voiced confidence that the granting of ‘cheap’ money may be considered as a crime against business and nation.

“Now, the rates are too high. The economy could not grow with such high rates,” Gref told Russian reporters on the sidelines of the World Economic Forum in the Swiss city of Davos on Friday.

“I think that the rates may be decreased against the background of the inflation dynamics. I hope that they will be lowered,” he said, giving no forecasts when the rates may be decreased.

“It is too hard making such forecasts. Hopefully, the inflation dynamics will slow down within the year and the rates will go down too,” Gref said.

Gref’s words were a response to Ulyukayev’s statement made during a power breakfast, which was organized by Sberbank on the sidelines of the forum. According to the Central Bank’s deputy chairman, the balances of the world’s central banks will decrease in the near few years, which means that the economic growth rates will not be high.

“In such a situation, the granting of ‘cheap’ money is a crime against business and nation, because this may cause the accumulation of risks, which tend to materialize,” Ulyukayev said.

On January 15, The Board of Director of the Central Bank of Russia (CBR) made a decision to keep unchanged its refinancing rate and interest rates, which now amounts to 8.25 percent.

 

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