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Key rate hike created problems but was caused by objective factors — Putin

Russia’s Central Bank and Government take action on stabilizing the current situation in the financial sector, the Russian president says

© AP Photo/Alexander Zemlianichenko

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Central Bank decision on key rate causes mixed reactions

NOVO-OGARYOVO, February 5. /TASS/. Central Bank’s hike of the key interest rate created problems for a number of sectors of the Russian economy, though it was caused by objective factors, President Putin said on Thursday.

"Due to a number of factors, including objective ones, the Bank of Russia was forced to make a decision on raising the key interest rate [to 17% in December 2014 — TASS]. Naturally, this was transferred to commercial banks, which created certain difficulties for a whole range of sectors of the economy in getting loans with affordable interest rates," President said at a meeting on economic issues.

Russia’s Central Bank and Government take action on stabilizing the current situation in the financial sector, President Putin said on Thursday.

"Both the Bank of Russia and the government have been taking active measures to stabilize the current situation," he said at a meeting on economic issues.

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Vladimir Putin is confident the measures worked out by Government and Central Bank will make loans more accessible to the real sector of the economy.

"I’m sure those measures combined will make loans more accessible to the real sector of the economy. On the other hand, there are some certain problems in the country’s financial sector, despite the state support. There are some difficulties due to certain constraints, or to be more precise due to lack of access to the foreign markets," President said on Thursday at a meeting on economic issues.

The Russian VEB bank will receive funds from the National Welfare Fund, while state guarantees on loans will be increased, President Putin said.

"We won’t forget about VEB as well, it will be recapitalized from the National Welfare Fund," he said at a meeting on economic issues.

"We also plan to increase state guarantees on the loans, which enterprises take out to implement their investment projects," President said. "And it also concerns current debt restructuring," Vladimir Putin added.

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Central Bank of Russia Vladimir Putin Economy

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