Key rate cut to benefit Russian budget — First Deputy PM
According to Denis Manturov, one percentage point approximately equals 200 bln rubles of subsidiary support
MOSCOW, August 27. /TASS/. A one percentage point reduction of the Bank of Russia’s key rate makes it possible to save up to 200 bln rubles ($2.5 bln) in subsidiary support, First Deputy Prime Minister Denis Manturov said in an interview with TASS Director-General Andrey Kondrashov on the verge of the Eastern Economic Forum.
"Firstly, it has already been minus three percentage points of the 21% key rate this year. It results in optimization of budget expenditures in the first place. One percentage point approximately equals 200 bln rubles of subsidiary support. The budget saves funds on such decisions of the Central Bank through key rate cuts, and I strongly hope this trend will continue this year," Manturov said.
The government focuses support measures primarily on economic sectors "underlying technology leadership National Projects, in respect of which decisions were made by the president and relevant instructions were given by the prime minister," he added.