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Financial recovery of banks limits key rate reduction in Russia — ex-Finance Minister

October 11, 20:26 UTC+3

The Bank of Russia gives liquidity for financial recovery of banks, says ex-Finance Minister and chief executive of the Center for Strategic Research Alexei Kudrin

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NEW YORK, October 11. /TASS/. Financial recovery of banks implemented by the Central Bank limits reduction of the key rate in Russia, ex-Finance Minister and chief executive of the Center for Strategic Research Alexei Kudrin said on Wednesday.

"The Bank of Russia gives liquidity for financial recovery of banks. This also adds money to the economy and also restricts the key rate reduction," Kudrin said.

"I was very conservative in respect of financial recovery of small and medium banks over the last two - three years. This was not always justified or understandable for me. Financial recovery of major banks, Otkritie and B&N Bank, is a rational action," he added.

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