Support The Moscow Times!

Gref Chides Central Bank

Russia's economic prospects are gloomy unless the Central Bank switches to a more expansive monetary policy, Sberbank chief German Gref said Wednesday.

In September, the Central Bank hiked interest rates for the first time in nine months to combat a spike in inflation to over 6 percent.

But Gref said the higher borrowing costs risked exacerbating economic slowdown. "If there's no change in monetary policy, I look very pessimistically at the pace of economic growth next year. The situation with liquidity is on the verge of being critical. Firms are not in a position to borrow and invest."


Related articles:

Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.