Russian President Vladimir Putin believes that the consistent policy of the Bank of Russia on decrease in the key rate, which on Friday was lowered to a historical low of 4.5% per annum. He stated this today during a regular televised address to the Russians.
the head of state said that the rate reduction will provide new opportunities for new investment projects will help the development of mortgage lending.
we will Remind, on June 19, the Board of Directors of the Central Bank of the Russian Federation lowered the value of the key rate from 100 basis points (1 percentage point) to 4.5% per annum.
Thus, the rate is lowered the third time this year and to a new historic low. Today the regulator’s decision coincided with forecasts of some analysts.
the Key rate of the Bank of Russia — the main tool of monetary policy of the regulator. The rate at which the Central Bank provides money to commercial banks. She serves as a signal of financial organizations, which focus on key rate, by providing loans and attracting deposits.
As stated the Central Bank in its press release that “the disinflationary factors are stronger than previously expected, due to the greater duration of restrictive measures in Russia and in the world.” “The impact of short-term proinflationary factors largely exhausted. Financial stability risks related to the situation in global financial markets decreased. Inflation expectations of population and business has decreased. In these circumstances there is a risk of significant deviation in inflation from 4% in 2021. The decision on the key rate is aimed at limiting this risk and keep inflation near 4%,” — said the controller.
“With the development of the situation in the baseline forecast, the Bank of Russia will assess the feasibility of further lowering the key rate at the next meeting”, — stated in the message.
the Next meeting of the Board of Directors The Central Bank, which will address the issue of the level of the key rate, scheduled for July 24, 2020.
we also Add that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.
on 27 may, the Minister of economic development (MED) of the Russian Federation Maxim Reshetnikov said that the total cost of anti-crisis measures to support the Russian economy, aimed at combating the impact of the pandemic coronavirus has reached 3.3 trillion rubles.
on 2 June Prime Minister Mikhail Mishustin briefed President Vladimir Putin a national plan for the recovery of the Russian economy in 2020-2021 years, noting in particular that the cost of the plan will be about 5 trillion rubles.
Stories about how you tried to get help from the Russian state in terms of coronaries and what came of it, email it to COVIDfirstname.lastname@example.org