Siluanov suggests raising the key rate of the Central Bank
Expansion of the budget source of cash liquidity leads to excess and may force the central bank to raise the rate, Finance Minister Anton Siluanov said.
"In the present circumstances how can affect the excess money supply? Either the Central Bank will have to withdraw excess liquidity, and then, instead of the profit of the Central Bank, it will decline sharply and will need to talk about the Central Bank's balance sheet. Whether we are talking about the need to reduce the budget deficit and reduce the pressure on the part of the budget on the money supply ", - quotes RIA Novosti Siluanov.
He believes that in the case of preservation of excess liquidity the Bank of Russia will not be able to solve this problem permanently, in connection with which the Central Bank will have to consider the question of raising the key rate and, accordingly, increase the cost of credit, and it does not contribute to the availability of credit and economic growth .
However, at the same moment, according to the Minister of Finance, the Central Bank may on the contrary, to solve the problem of balancing the country's budget, which today leads to negative consequences for economic growth, lowering the key rate.
The next decision on the key rate of the Central Bank to take at a meeting on March 18. Most experts do not expect changes in the rate which is 11% from August last year.
Earlier, Minister of Economic Development Alexei Ulyukayev said that he saw "a lot of room" to reduce the key rate by the Bank of Russia, including the return index is below 10% per annum.
Expansion of the budget source of cash liquidity leads to excess and may force the central bank to raise the rate, Finance Minister Anton Siluanov said.
"In the present circumstances how can affect the excess money supply? Either the Central Bank will have to withdraw excess liquidity, and then, instead of the profit of the Central Bank, it will decline sharply and will need to talk about the Central Bank's balance sheet. Whether we are talking about the need to reduce the budget deficit and reduce the pressure on the part of the budget on the money supply ", - quotes RIA Novosti Siluanov.
He believes that in the case of preservation of excess liquidity the Bank of Russia will not be able to solve this problem permanently, in connection with which the Central Bank will have to consider the question of raising the key rate and, accordingly, increase the cost of credit, and it does not contribute to the availability of credit and economic growth .
However, at the same moment, according to the Minister of Finance, the Central Bank may on the contrary, to solve the problem of balancing the country's budget, which today leads to negative consequences for economic growth, lowering the key rate.
The next decision on the key rate of the Central Bank to take at a meeting on March 18. Most experts do not expect changes in the rate which is 11% from August last year.
Earlier, Minister of Economic Development Alexei Ulyukayev said that he saw "a lot of room" to reduce the key rate by the Bank of Russia, including the return index is below 10% per annum.
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