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Lowering key rate by 1 p.p. allows Russian budget to save $3.3 bln — First Deputy PM

Earlier, the Bank of Russia lowered the key rate by 100 base points to 20% after keeping it at 21% per annum for a long period of time

MOSCOW, June 17. /TASS/. Lowering the key rate by one percentage point allows Russia to save about 260 billion rubles ($3.3 bln) for its federal budget, Russia’s First Deputy Prime Minister Denis Manturov said on RBC TV ahead of the St. Petersburg International Economic Forum.

"One point of the key rate is about 260 billion rubles in savings for the federal budget, I mean subsidy programs in general for all sectors of the economy," Manturov said.

According to him, this applies not only to industry, but also to mortgages, agriculture and many other sectors that use federal and regional support mechanisms in the form of subsidies.

He noted that the Central Bank's decision to reduce inflation has another effect as well.

"As you have already said, when the economy cools down, of course, this affects the real sector of economy," Manturov said.

He recalled that when niches began to open up in 2022 for Russian enterprises that were interested in replacing the Western companies that had left, they needed large investments.

"This, of course, also spurred inflation and influenced the decisions made by the Central Bank," the First Deputy Prime Minister said.

Speaking about the national currency exchange rate, Manturov noted that a strong ruble means a decrease in the competitiveness of export-oriented Russian enterprises, especially basic industries.

"These are metallurgy, chemistry, and including a number of mechanical engineering industries," he explained.

Earlier, the Bank of Russia lowered the key rate by 100 base points to 20% after keeping it at 21% per annum for a long period of time.

The St. Petersburg International Economic Forum (SPIEF) will take place on June 18-21. This year, the event will be held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.

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