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Russian policymakers to draft proposals on lowering loan interest rates for major sectors

December 25, 2014, 12:18 UTC+3 MOSCOW
“We’re now preparing proposals with the Bank of Russia on lowering loan interest rates for systemically important sectors and companies,” Finance Minister Anton Siluanov said
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© TASS/Sergei Konkov

MOSCOW, December 25. /TASS/. The Finance Ministry and the Central Bank of Russia will prepare proposals by the end of the year on lowering loan interest rates for strategically important sectors, Finance Minister Anton Siluanov said on Thursday.

“We’re now preparing proposals with the Bank of Russia on lowering loan interest rates for systemically important sectors and companies,” the finance minister said. These proposals will be ready by the end of the year, he added.

The government’s list of systemically important companies comprises about 30 firms, including flagship airliner Aeroflot, diamond miner Alrosa, oil pipeline operator Transneft, state-owned VTB Bank, Sheremetyevo international airport, oil major Rosneft and others.

The Russian business association Delovaya Rossiya has proposed that the government should subsidize loan rates for systemically important companies.

Russia’s Central Bank hiked last week its key rate determining borrowing costs for commercial banks to 17% from 10.5% to stem the ruble’s freefall and curb inflationary expectations amid falling prices in oil, a major Russian export commodity. The key rate hike has made loans less affordable for business.

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