Ignatyev Addresses Duma

By The Moscow Times

June 29, 2011

Net capital outflows reached $35 billion in the first five months, spurred by the poor investment climate and expectations of a narrower current-account surplus, Central Bank Chairman Sergei Ignatyev said at a session of the State Duma on Wednesday, adding that imports are growing "very fast."

Ignatyev predicted that the increase in bank lending for 2012 will be 20 percent to 25 percent, the same as in 2011. He added that banks increased the sector's total loan portfolio by 12.6 percent in 2010. "The rate of growth for lending won't be as fast as it was before the crisis, when it reached 40 percent a year. That is too fast a rate," Ignatyev said.

(Bloomberg, Interfax)

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue