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Trend of rates reduction to persist in Russia, says Oreshkin

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Staff Writer | July 14, 2018
The general trend of rates reduction will persist in Russia, the country's Economic Development Minister Maksim Oreshkin said.
Maksim Oreshkin
Russia   Economic Development Minister Maksim Oreshkin
"True, the rates have slightly risen, which is influencing, particularly the lending dynamics," the minister admitted. "But this is normal, as short-term rates are set by the Central Bank, while long-term (rates) are connected with various factors, with external factors playing a very important role," Oreshkin explained.

But the general trend of their reduction, according to him, will persist.

Russia’s First Deputy Prime Minister and Finance Minister Anton Siluanov said earlier that he sees potential for a further reduction of the Central Bank’s key rate. At its previous meeting on June 15, the regulator’s board of directors kept the rate unchanged at the level of 7.25%, TASS recalls.