Coverage of issues surrounding expropriation of business by the Russian state

Russian business ombudsman criticizes key interest rate raise to 17%

RAPSI:

Business ombudsman Boris Titov is concerned with the decision of the Central Bank of Russia (CBR) to raise the key interest rate by 6.5 percentage points to 17% in order to stop the devaluation of rouble and growing inflation.

In his interview with Kommersant FM radio Titov points out that it is unwise to protect the rouble by endangering country’s economy.

“This will endanger production. The [presidential] address [to the Federal Assembly] called for boosting business, new technology, investment and import substitution, but the CBR’s decision runs counter to these goals,” Titov said.

Please read the full text of the article here.

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