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Klepach: there are no conditions for Central Bank to reduce its key interest rate

January 13, 2015, 23:44 UTC+3 MOSCOW
Under the current circumstances it was important to preserve a channel for providing banks with money at a low rate to support the investment process. he said
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Andrei Klepach

Andrei Klepach

© ITAR-TASS/Valery Sharifulin

MOSCOW, January 13 /TASS/. Andrei Klepach, the vice-chairman of Vnesheconombank (WEB), said on Tuesday that he did not see conditions for substantial reduction of the Central Bank’s key interest rate.

“There are no conditions for substantial reduction of the Central Bank’s key interest rate so far,” Klepach told journalists as he commented on previous media reports that Russian banks had allegedly asked the Central Bank to reduce its key interest rate in January.

Klepach noted that under the current circumstances it was important to preserve a channel for providing banks with money at a low rate to support the investment process which is also coming to a halt alongside short-term liquidity which can be provided at a high interest rate.

He said it was necessary to establish various interest rates. The Central Bank has preserved a low interest rate for small businesses. However, Klepach said, the funds provided at that rate are miserly.

According to Klepach, the Central Bank will not agree to a reduction which the bankers are asking for because that will not radically change the situation in his view.

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