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Russia’s Industry Ministry welcomes reduction of Central Bank’s key rate

June 16, 2016, 13:46 UTC+3 ST. PETERSBURG

The minister says any raty reduction is positive for the industry and economy on the whole

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ST. PETERSBURG, June 16. /TASS/. Russia’s Industry and Trade Ministry welcomes the decision of the Central Bank to cut the key interest rate and expects its further reduction, Minister Denis Manturos said on the sidelines of the St. Petersburg International Economic Forum (SPIEF-2016) on Thursday.

"Any (rate - TASS) reduction will be positive for the industry and economy on the whole. We welcome this decision and will be expecting the trend (of the rate’s reduction - TASS) to persist further on," he said.

According to Manturov, the regulator has been pursuing the right policy since the ruble’s sharp devaluation. "We’ve tried to support our enterprises and will continue doing so regarding subsidies to compensate interest rates and implementation of projects through the Industry Development Fund," he said.

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