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."

(Reuters)

Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.