Sergey Burtsev
Chelyabinskinvestbank, Chairman of the Board
The increase of the interest rate partly looks like the taxation system. The higher are the rates, the lower is the economic growth. If the credit portfolio of the banking sector makes some 40 trillion rubles, then another annual 1% will be 400 billion rubles, which will not be left on the own asset lists of the organizations, and in its turn, that will prevent them from growing timely or rapidly. The increase of the interest rates is dangerous for the fact that many organizations will start to operate with losses, some will be obliged to be shut off, the budget will lack a considerable sum of taxes and we will be obliged to solve social problems of laid off staff.
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Yelena Fedotkova
Promsvyazbank, Manager on research and analysis of debt markets
Raising of the key interest rate also leads to the rise in price of resources, which has a negative impact on economic growth. Aside from the interest rate currently the Russian economy is under the influence of pressure coming from various factors. Parts of those are of structural character – the load of production is on its upper level, the productivity grows slowly, there’s a deficit in labor force etc., another part is connected with the situation around Ukraine and states-importers of Russian products. In current complicated conditions the rate is just one of elements of the assembled situation, though it is still worth to examine the whole big picture.
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Victor Chetverikov
National rating agency, Director General
The raise of the key interest rate will lead to the growth of rates on commercial credits, which in its turn will cause rise in prices of borrowings for business and economy together with their entities. This may reduce the demand for loans on behalf of borrowers.
All mentioned weighs upon the shoulders of entrepreneurs of small and sometimes medium businesses as a heavy load. With large-scale companies the banks try to stick to meeting their needs and concessions policies, especially when things relate to renewed credit lines, prolongations, interest rates or guarantees. The other part of economy, which in Russia is scanty as it is, is obliged to work with banks on higher rates.
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